Inaugural U.S. Latina GDP Report Finds Latinas Contribute $1.3 Trillion in GDP

PRNewswire 26-Aug-2024 2:30 PM

Dando vida a la Economía: Giving Life to the U.S. Economy
U.S. Latina GDP Report Indicates Tremendous Growth and Key Drivers

LOS ANGELES, Aug. 26, 2024 /PRNewswire/ -- New data from leading researchers indicates that female Hispanics in the U.S. have contributed $1.3 trillion in 2021 to the gross domestic product (GDP), representing over 50% growth in a decade. The U.S. Latina GDP Report, funded by Bank of America, is first of its kind research on the significant and rapidly growing economic contribution of the nation's Hispanic female population. Led by professors Matthew Fienup, Ph.D., California Lutheran University, and David Hayes-Bautista, Ph. D, UCLA Geffen School of Medicine, the Latina GDP report found that U.S. Latina GDP grew at 2.7 times the rate of the GDP of Non-Hispanics between 2010 to 2021. Today, the Latina GDP is larger than the entire economy of the state of Florida. 

"This exciting body of work captures the positive growth and contributions that U.S. Latinas from multiple generations have been making to the U.S. economy, and confirms that Latinas are a driving force. We see similar momentum reflected in our overall business as well as many of the same key drivers found in our own research," said Jennifer Auerbach-Rodriguez, Strategic Growth Markets & Client Development Executive, Merrill Wealth Management.

"Following notable reports on U.S. and Metro Area Latino GDP, this new report provides much needed attention to the extraordinary contributions of U.S. Latinas. This research reveals that Latinas outpace their gender and ethnic peers in key economic measures, including record levels of Latina workforce participation, educational attainment, and income growth. It reveals that Latinas are drivers of much-needed economic vitality for the nation," said Dr. Fienup.

The key findings in the U.S. Latina GDP Report include:

• Economic Output
  • The total economic output of U.S. Latinas is $1.3 trillion in 2021, up from $661 billion in 2010, and larger than the economies of all other states except California, Texas and New York.
  • From 2010 to 2021 real U.S. Latina GDP increased a total of 51.1% compared to only 18.8% for non-Hispanic GDP. In other words, the GDP of U.S. Latinas is growing 2.7 times faster.
• Labor Force Participation
  • From 2010 to 2021, the number of Hispanic females in the U.S. labor force grew a total of 32.9% compared to only 2.7 percent for non-Hispanic females. Despite being just 9.3% of the U.S. population, Latinas are responsible for 30.2% of the growth of the U.S. labor force since 2010.
  • From 2000 to 2021, the Latina labor force participation rate increased 7.5 percentage points, while the rate for non-Hispanic females was flat. U.S. Latinas, who started the century with a participation rate a full 5.0 percentage points lower, are now 2.5 percentage points more likely to be actively working than their non-Hispanic female counterparts.
• Educational Attainment
  • The number of Latinas with a bachelor's degree or higher education increased 103% between 2010 and 2021, while the number of highly-educated non-Hispanic females increased only 38.3%. Latina educational attainment is growing 2.7 times faster than that of non-Hispanic females.
• Real Income
  • From 2010 to 2021, the real incomes of U.S. Latinas grew a total of 46.0 percent compared to only 18.5 percent for Non-Hispanic females. In other words, Latina income growth is 2.5 times that of their Non-Hispanic female counterparts.

"U.S. Latinas coming of age and entering the U.S. labor force are overwhelmingly second- and third-generation Americans. These daughters and granddaughters of immigrants are combining the extraordinary and selfless work ethic of their elders with rapid growth of human capital to give life to the U.S. economy," said Dr. Hayes Bautista.

This data builds directly upon six annual U.S. Latino GDP Reports as well as eight State and a dozen Metro Area Latino GDP Reports released since 2018. Using publicly available data from major U.S. agencies, those reports reveal that Latinos are drivers of economic growth and a critical source of resilience for broader U.S. economy. They document substantial economic growth premiums enjoyed by Latinos of all genders, relative to non-Latinos in the U.S.

For example, labor force growth of male and female Hispanics in the U.S. is nine times the growth of the non-Hispanic labor force. Real Latino GDP growth is 2.5 times the growth of non-Latino GDP. These premiums exist across a wide range of economic indicators – labor force participation, educational attainment, real income, consumption, and more.

To download the full report, please visit:  www.LatinaGDP.us 

The U.S. Latina GDP Report is produced by the Latino GDP Project, a project of Community Partners (www.CommunityPartners.org) with the Center for Economic Research & Forecasting at California Lutheran University (www.clucerf.org) and the Center for the Study of Latino Health & Culture at UCLA (www.uclahealth.org/ceslac). For questions about the report, please contact: Matthew Fienup, Chief Economist (mfienup@callutheran.edu); and David Hayes-Bautista, Chief Demographer (dhayesb@ucla.edu).

Center for Economic Research & Forecasting (CERF)

CERF is a nationally recognized economic forecasting center, which provides county, state and national economic forecasts and custom economic analysis for government, business and nonprofit organizations. CERF economists Matthew Fienup and Dan Hamilton are members of the Wall Street Journal Economic Forecasting Survey, the National Association of Business Economics (NABE) Economic Outlook Survey, and the Zillow Home Price Expectations Survey (formerly, the Case-Shiller Home Price Expectations Survey). CERF was awarded 2019, 2020 and 2021 Crystal Ball Awards for the Zillow Home Price Expectations Survey. CERF's U.S. home price forecast received multiple top-3 rankings among more than 100 forecasts included in the survey. CERF is housed at California Lutheran University, a federally designated Hispanic Serving Institution.

Center for the Study of Latino Health & Culture (CESLAC)

Since 1992, CESLAC has provided cutting-edge research, education and public information about Latinos, their health and their impact on California's economy and society. Part of the UCLA Geffen School of Medicine, CESLAC is a resource for community members, business leaders and policy makers who want to gain insightful research and information about Latinos. It offers unparalleled insight into Latino issues through an approach that combines cultural research, demographic trends and historical perspective. In addition, it has helped the University of California meet its public service goal by increasing the effectiveness of their outreach to the Latino community.

Bank of America

Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 69 million consumer and small business clients with approximately 3,800 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 58 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE:BAC).

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.

Reporters may contact:

Carla Molina, Bank of America
Phone: 1.512.397.2402
carla.molina@bofa.com

Barbra Ramos, UCLA Strategic Communications
Phone: 1.310.844.3582
bramos@stratcomm.ucla.edu

Tom Hoener, California Lutheran University
Phone: 1.805.493.3890

View original content to download multimedia:https://www.prnewswire.com/news-releases/inaugural-us-latina-gdp-report-finds-latinas-contribute-1-3-trillion-in-gdp-302230461.html

SOURCE Bank of America Corporation