Let’s Hear It from the Facts: 7 Key Notes on Latino Economy in the U.S.

July 1, 2024


Introducing Elevate Latinos, in collaboration with the Latino Donor Collaborative (LDC), a groundbreaking platform empowering the next generation of Latino youth in the U.S. Rooted in data, it highlights the economic prominence of Latinos, to support their journey and showcase their contributions. 

In the bustling landscape of the United States economy, the Latino community stands as a formidable force, driving growth, innovation, and progress. As we delve into the numbers, it becomes abundantly clear that their impact extends far beyond labor statistics; it’s a narrative of resilience, entrepreneurship, and cultural influence.

1. Economic Powerhouse

The numbers speak volumes. In 2021 alone, the U.S. Latino GDP soared to an impressive $3.2 trillion. To put this into perspective, it surpasses the economies of major nations like India, the UK, and France. But it doesn’t stop there. With a purchasing power of $3.4 trillion, the growth of the Latino market outstrips their non-Latino counterparts by 2 times. 

2. Driving the Workforce

Latinos not only comprise a significant portion of the current workforce but also hold the key to future growth. Projections indicate that between 2020 and 2030, they will account for a staggering 78% of new workers in the U.S.. The average age across the whole Latino community is 11, compared to 52 for non-Latinos, a demographic shift illustrating the future U.S. workforce and the importance of recognizing and empowering Latino talent in the labor market.

3. Entrepreneurial Spirit

Beyond labor contributions, Latinos are carving out their path as innovative entrepreneurs. Statistics reveal that Latinos are 1.7% more likely to venture into entrepreneurship compared to the general population. Moreover, they constitute 50% of net-new small businesses in the U.S., showcasing their entrepreneurial prowess and commitment to economic advancement.

4. Cultural Influence in Media and Tech

Latinos are not just consumers but also creators in the digital sphere. With a significant presence on platforms like TikTok and YouTube, they wield considerable influence, dedicating 57% more time to the latter than their white non-Latino counterparts. Additionally, dispelling stereotypes, Latinos are equally likely as their white counterparts to own tech companies, further cementing their role in shaping the technological landscape.

5. Political Voice

Latinos represent a substantial portion of the electorate, making up 13% of voters in the 2020 U.S. presidential elections. Their voices matter, reflecting a diverse array of perspectives and priorities that contribute to the fabric of American democracy.

6. Contributions to Public Finances

Latinos are significant contributors to federal, state, and local taxes, as well as social security. In 2021, they contributed $102 billion to social security and $215 billion to tax revenue, underscoring their integral role in funding public services and programs.

The Latino economy in the U.S. is not merely a statistic but a testament to the dynamism of a community that continues to shape the nation’s economic, social, and cultural landscape. By recognizing and harnessing Latino talent and entrepreneurship, we illuminate the undeniable influence and boundless potential of the community and all they are doing. 

For more insight visit Elevate Latinos and join the growing movement to reveal the facts about Latinos in the U.S. 

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