U.S. Latino economic output grows to $3.2 trillion, according to new study
Publishing timestamp: 2023-09-27 12:16:11
Summary
The U.S. Latino economy has reached $3.2 trillion in 2021, growing faster than the non-Latino economy. If Latinos were an independent country, their GDP would rank fifth in the world. The Latino community's industry strength lies in accommodation and food services, construction, administrative support, waste management, and transportation. The growth of the Latino community has had a significant economic impact in states like California, Texas, and Florida. Despite the growth, wage gaps still exist, with Latino workers earning less than white non-Hispanic employees. The purchasing power of U.S. Latinos has also increased significantly. The report highlights the need for businesses to adapt to the changing demographics and meet the needs of the Latino customer base.
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