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
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