The Latino Donor Collaborative (LDC), a nonprofit organization, in partnership with Arizona State University (ASU), today released the official 2023 US Latino GDP Report.
Ana Valdez, executive director and president of LDC, said in a press release:
The 2023 report findings show companies discounting the US Latino cohort are doing so at their own peril.
This is the sixth version of this valuable report that provides a wealth of data and insights about the US Latino cohort.
“The official US LDC Latino GDP Report is essential for decision makers across industries who rely on data-driven analytics to gain the advantage of reaching new audiences, increasing awareness and influence, and improving sales. None of this is possible without taking advantage of the Latin economy in the United States,” emphasized Valdez.
The study provides accurate information on how the nation’s fastest growing population fundamentally shapes the American economy through three main channels:
- Population growth
- A high level of employee engagement
- Greater productivity is linked to the level of education
The publication of the new report is the starting point of this important event that will take place from now until September 30 in Miami, Florida.
L’ATTITUDE, the largest business gathering in the US focused on “The New Mainstream Economy,” brings together executives and business leaders who are part of the US Latino cohort and who remain abroad with the latest trends and economic opportunities to enhance your growth.
“The power and influence of the Latino cohort in the United States has given the country a growth engine like no other country in the world. We must celebrate this, but we must also continue to use LDC data and implement research results to drive economic and business decisions relevant to the 21st century,” said Sol Trujillo, president and co-founder of LDC and L’ATTITUDE.
Each year, the conference provides a national platform that showcases the economic leadership of American Latinos in business, media, politics, science and technology.
LDC highlighted the following data in the report presentation:
- The US Latino GDP is now worth US$3.2 trillion (14% year-over-year increase), growing 2.5 times faster than the non-Latin equivalent.
- The purchasing power of Latinos in the United States is measured at US $ 3.4 trillion.
- In 2021, the income of Latinos in the United States will reach US $ 2.5 trillion and grow at a rate of 4.7% compared to 1.9% for non-Latinos.
- Measured by GDP, the US Latino economy may be the fifth largest in the world.
- The increase is due to factors such as their youth, their participation in the labor force, their educational achievements, and their income growth.
“The New Conventional Economy is a broad intersection of changes in technology, education, demographics and macroeconomics. “The official 2023 LDC US Latino GDP report is groundbreaking because it matches what is happening in our economy and gives businesses a way to make future decisions,” Trujillo added.
The official 2023 LDC US Latino GDP report provides a breakdown of the Latino economy in all 50 states.
“For the first time, our report provides a breakdown of the state and additional information on the rapid growth of Latino markets. It not only prepares companies to better understand the value they have for their customers, but also provides useful data for policy makers, think tanks and exporters to use for comparison,” Valdez explained.
– This is how the Latin economy is promoted by the state:
- California’s Latino economy alone would rank as the 21st largest in the world.
- Texas is in second place ($465 billion) and Florida is third ($240 billion).
- South Dakota grew at an annual rate of 11.8%.
– The youth and the growing demographic development is remarkable:
- The most common age range is 10 to 14 years of age, compared to 60 to 64 years of age among non-Latinos. Most are under 25 years old.
- Between 2010 and 2021, Latino population growth will account for 52% of total US population growth during that period, which translates to a 24.1% increase in the Latino population, compared to up 4.3% among non-Latinos.
- Between 2010 and 2021, the share of US households identified as Latino increased from 11.6% to 14.4%.
– State of higher education:
- Between 2010 and 2021, the number of people with a bachelor’s degree or higher increased annually by 6.8%, compared to 2.8% for non-Latinos.
“The new data is the clearest sign that the US economy will depend largely on the participation of the US Latino group. We look forward to hearing our L’ATTITUDE participants share their ideas on how they can use the data to activate change,” Trujillo emphasized.
The LDC report, the most trusted source of information and analysis on the economic impact of American Latinos across all industries and levels, is funded by Wells Fargo Bank.
Its reports are regularly used by institutions such as the Federal Reserve, the Joint Economic Committee of the United States Congress, and countless Fortune 500 corporations, which use the data to project business trends and influence demographics. in Latin.
“The 2023 US Latino GDP Report not only highlights the indisputable economic prowess of the US Latino community, it also predicts the future trajectory of our nation,” said Michael M. Crow, president of Arizona State University.