Saturday, May 18, 2024

Study Finds Latinos Key to U.S. Economic Growth

On Thursday, the Latino Donors Collaborative, a nonpartisan association of Latino business, political and academic leaders, released a report that shows Latinos are becoming an increasingly critical engine for America’s economic growth. In 2015, 55 million Latinos living and working in the U.S. were responsible for 2.13 trillion or 11.8% of America’s $18.04 trillion gross domestic product.

“We are excited to have statistical evidence that proves what Latinos living in the U.S. have always known to be true: we are a hard-working, productive, and essential part of American economic growth and American society,” said Ana Valdez, executive director of the Latino economic advocacy group.

By 2020, researchers estimate that Latinos will fuel nearly a quarter of all the U.S. GDP growth and represent 12.7% of the country’s total GDP. Helping to fuel this growth will be the number of young Latinos that will be join the workforce as an older generation of Baby Boomers retire.

“As the U.S.-born Latino population grows and becomes better educated, a huge opportunity is emerging,” said David Hayes-Bautista, director of the Center for the Study of Latino Health and Culture at the University of California Los Angeles, who conducted the study with economist Werner Schink, co-founder and CEO of Latino Futures Research.

The median age of the U.S. Latino population is 28, making it one of the youngest and fastest growing demographics. Young Latino grads have the potential to keep the U.S. economy growing, however most graduates are saddled with student debt, stunting their economic prospects as they enter the U.S. workforce.

CNN Money