(THOUSAND OAKS, CALIFORNIA – August 27, 2024) While Latinos of all genders are the driving force of economic growth and a key source of resilience for the overall U.S. economy, the contribution of U.S. Latinas is extraordinary and invigorating the U.S. economy, according to the first-ever Bank of America U.S. Latina GDP report from the Center for Economic Research & Forecasting at California Lutheran University, released August 22 during the 45th Annual Meeting of the California Hispanic Chamber of Commerce.th Annual national meeting in Bakersfield.
This groundbreaking research documents the previously under-researched role of Latinas’ economic impact. In the areas of overall economic output, population and labor force growth, labor force participation, income, and educational attainment, the influence of Latinas is overwhelming.
“The GDP of Latinas in the United States is $1.3 trillion in 2021, up from $661 billion in 2010. The total economic output of Hispanic women in 2021 is larger than the entire economy of the state of Florida. In fact, only the GDPs of California, Texas or New York are larger than the GDP of Latinas in the United States,” said the report by Matthew Fienup, Ph.D., executive director of the Center for Economic Research & Forecasting (CERF) at California Lutheran University; Daniel HamiltonPh.D., CERF Director of Economics; David Hayes–BautistaPh.D., director of the Center for the Study of Latino Health and Culture at the School of Medicine, UCLA; and Paul Hsu, Ph.D., an epidemiologist at the Fielding School of Public Health.
This new study uses publicly available data from major U.S. agencies between 2010 and 2021 and builds on six annual U.S. Latino GDP reports published since 2018, as well as eight state and a dozen metro Latino GDP reports produced in partnership with Bank of America.
“The Latinas who entered the U.S. labor market during our study period are predominantly second- and third-generation Americans,” Fienup said. “These daughters and granddaughters of immigrants combine the exceptional and selfless work ethic of their elders with rapid human capital growth, driving not only Latina GDP growth, but overall GDP growth in the United States.”
Other findings from Bank of America’s US Latina GDP Report include the following:
- Latino GDP is growing 2.7 times faster than non-Hispanic GDP.
- The share of Latinas in the U.S. workforce is growing more than twelve times faster than that of non-Hispanic women.
- The labor force participation rate of Latinas has risen sharply since 2000 and is at an all-time high. Latinas are 2.5 percentage points more likely to work than non-Hispanic women.
- The educational attainment of Latino women increases 2.7 times compared to that of non-Hispanic women.
- The income of Latinas is growing 2.5 times faster than that of their non-Hispanic compatriots.
Fienup and Hayes-Bautista will present the report’s findings at professional events across the country this fall.
The full report is available at LatinaGDP.us and can be downloaded HereThe final summary can be downloaded Here.
About the Latino GDP Project
Efforts to calculate Latino GDP began around 2004 with David Hayes-Bautista. His idea was to use established government data programs to calculate a robust summary statistic for the economic performance of Latinos in the United States. The first Latino Gross Domestic Product (GDP) report was produced in 2017, followed by five additional annual reports. With generous support from Bank of America, the Latino GDP Project has expanded significantly as of 2021 and now includes the calculation of Latino GDP for select states and major metropolitan areas, as well as the first U.S. Latino GDP report. For more information, visit LatinoGDP.us and LatinaGDP.us
About the Center for Economic Research & Forecasting (CERF): CERF is a nationally recognized economic forecasting institute. CERF economists Matthew Fienup and Dan Hamilton are members of the Wall Street Journal Economic Forecasting Survey, the National Association for Business Economics (NABE) Economic Outlook and Economic Policy Surveys, and the Zillow (formerly Case-Shiller) Home Price Expectations Survey. CERF received the Crystal Ball Award for the Zillow Home Price Survey in 2019, 2020, and 2021. CERF’s U.S. home price forecast has been ranked in the top three multiple times among more than 100 professional forecasters. CERF is a solutions-focused organization that publishes world-class economic forecasts, analyzes the impact of economic policies, and works with diverse stakeholders to address today’s major economic challenges.
About California Lutheran University: Founded in 1959 and officially recognized as a Hispanic-focused institution since 2016, California Lutheran University is home to over 2,300 undergraduate and 1,300 graduate students. Our students come from 59 countries and represent a broad spectrum of faiths and spirituality. Our dedicated, experienced faculty teach in small classes and guide our students on their journey to becoming open-minded leaders with strong character and judgment, confident identity and calling, and committed to service and justice. Everyone at Cal Lutheran is committed to helping students pursue their passions, discover their purpose, and transform their communities. For more information, visit CalLutheran.edu.
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