August 26, 2024 at 2:30 PM Eastern

Inaugural U S Latina G D P Report Finds Latinas Contribute one point three trillion dollars in G D P

Dando vida a la Economía: Giving Life to the U S Economy

U S Latina G D P Report Indicates Tremendous Growth and Key Drivers

Leer en español

LOS ANGELES, California -- New data from leading researchers indicates that female Hispanics in the U S have contributed one point three trillion dollars in twenty twenty one to the gross domestic product (G D P), representing over 50% growth in a decade. The U.S. Latina GDP Report, funded by B of A, 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, P H D, California Lutheran University, and David Hayes-Bautista, P H D, UCLA Geffen School of Medicine, the Latina GDP report found that U S Latina G D P grew at two point seven times the rate of the G D P of Non-Hispanics between twenty ten to twenty twenty one. Today, the Latina G D P 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 G D P, 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 Doctor Fienup.

The key findings in the U S Latina G D P Report include:

  • Economic Output
  • The total economic output of U S Latinas is one point three trillion dollars in twenty twenty one, up from six hundred sixty one billion dollars in twenty ten, and larger than the economies of all other states except California, Texas and New York.
  • From twenty ten to twenty twenty one real U S Latina G D P increased a total of fifty one point one percent compared to only eighteen point eight percent for non-Hispanic G D P. In other words, the G D P of U S Latinas is growing two point seven times the faster.
  • Labor Force Participation
  • From twenty ten to twenty twenty one, the number of Hispanic females in the U S labor force grew a total of thirty two point nine percent compared to only 2.7 percent for non-Hispanic females. Despite being just nine point three percent of the U S population, Latinas are responsible for thirty point two percent of the growth of the U S labor force since twenty ten.
  • From two thousand to twenty twenty one, 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 one hundred three percent between twenty ten and twenty twenty one, while the number of highly-educated non-Hispanic females increased only thirty eight point three percent. Latina educational attainment is growing two point seven times the faster than that of non-Hispanic females.
  • Real Income
  • From twenty ten to twenty twenty one, 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 Doctor Hayes Bautista.

This data builds directly upon six annual U S Latino G D P Reports as well as eight State and a dozen Metro Area Latino G D P Reports released since twenty eighteen. 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 G D P growth is 2.5 times the growth of non-Latino G D P. 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 G D P Report is produced by the Latino GDP Project, a project of Community Partners with the Center for Economic Research & Forecasting at California Lutheran University and the Center for the Study of Latino Health & Culture at UCLA. 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 (C E R F)

C E R F 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. C E R F economists Matthew Fienup and Dan Hamilton are members of the Wall Street Journal Economic Forecasting Survey, the National Association of Business Economics (N A B E) Economic Outlook Survey, and the Zillow Home Price Expectations Survey (formerly, the Case-Shiller Home Price Expectations Survey). C E R F was awarded twenty nineteen, twenty twenty and twenty twenty one Crystal Ball Awards for the Zillow Home Price Expectations Survey. C E R F’s U S home price forecast received multiple top-3 rankings among more than 100 forecasts included in the survey. C E R F is housed at California Lutheran University, a federally designated Hispanic Serving Institution.

Center for the Study of Latino Health & Culture (C E S L A C)

Since nineteen ninety two, C E S L A C 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 U C L A Geffen School of Medicine, C E S L A C 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 A T Ms (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 (N Y S E B A C).

Reporters may contact

Carla Molina, Bank of America
Phone: one five one two three nine seven two four zero two
carla.molina@bofa.com

Barbra Ramos, U C L A Strategic Communications
Phone: one three one zero eight four four three five eight two
bramos@stratcomm.ucla.edu

Tom Hoener, California Lutheran University
Phone: one eight zero five four nine three three eight nine zero

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August 26, 2024 at 2:30 PM Eastern

Inaugural U S Latina G D P Report Finds Latinas Contribute one point three trillion dollars in G D P

Dando vida a la Economía: Giving Life to the U S Economy

U S Latina G D P Report Indicates Tremendous Growth and Key Drivers

Leer en español

LOS ANGELES, California -- New data from leading researchers indicates that female Hispanics in the U S have contributed one point three trillion dollars in twenty twenty one to the gross domestic product (G D P), representing over 50% growth in a decade. The U.S. Latina GDP Report, funded by B of A, 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, P H D, California Lutheran University, and David Hayes-Bautista, P H D, UCLA Geffen School of Medicine, the Latina GDP report found that U S Latina G D P grew at two point seven times the rate of the G D P of Non-Hispanics between twenty ten to twenty twenty one. Today, the Latina G D P 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 G D P, 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 Doctor Fienup.

The key findings in the U S Latina G D P Report include:

  • Economic Output
  • The total economic output of U S Latinas is one point three trillion dollars in twenty twenty one, up from six hundred sixty one billion dollars in twenty ten, and larger than the economies of all other states except California, Texas and New York.
  • From twenty ten to twenty twenty one real U S Latina G D P increased a total of fifty one point one percent compared to only eighteen point eight percent for non-Hispanic G D P. In other words, the G D P of U S Latinas is growing two point seven times the faster.
  • Labor Force Participation
  • From twenty ten to twenty twenty one, the number of Hispanic females in the U S labor force grew a total of thirty two point nine percent compared to only 2.7 percent for non-Hispanic females. Despite being just nine point three percent of the U S population, Latinas are responsible for thirty point two percent of the growth of the U S labor force since twenty ten.
  • From two thousand to twenty twenty one, 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 one hundred three percent between twenty ten and twenty twenty one, while the number of highly-educated non-Hispanic females increased only thirty eight point three percent. Latina educational attainment is growing two point seven times the faster than that of non-Hispanic females.
  • Real Income
  • From twenty ten to twenty twenty one, 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 Doctor Hayes Bautista.

This data builds directly upon six annual U S Latino G D P Reports as well as eight State and a dozen Metro Area Latino G D P Reports released since twenty eighteen. 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 G D P growth is 2.5 times the growth of non-Latino G D P. 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 G D P Report is produced by the Latino GDP Project, a project of Community Partners with the Center for Economic Research & Forecasting at California Lutheran University and the Center for the Study of Latino Health & Culture at UCLA. 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 (C E R F)

C E R F 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. C E R F economists Matthew Fienup and Dan Hamilton are members of the Wall Street Journal Economic Forecasting Survey, the National Association of Business Economics (N A B E) Economic Outlook Survey, and the Zillow Home Price Expectations Survey (formerly, the Case-Shiller Home Price Expectations Survey). C E R F was awarded twenty nineteen, twenty twenty and twenty twenty one Crystal Ball Awards for the Zillow Home Price Expectations Survey. C E R F’s U S home price forecast received multiple top-3 rankings among more than 100 forecasts included in the survey. C E R F is housed at California Lutheran University, a federally designated Hispanic Serving Institution.

Center for the Study of Latino Health & Culture (C E S L A C)

Since nineteen ninety two, C E S L A C 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 U C L A Geffen School of Medicine, C E S L A C 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 A T Ms (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 (N Y S E B A C).

Reporters may contact

Carla Molina, Bank of America
Phone: one five one two three nine seven two four zero two
carla.molina@bofa.com

Barbra Ramos, U C L A Strategic Communications
Phone: one three one zero eight four four three five eight two
bramos@stratcomm.ucla.edu

Tom Hoener, California Lutheran University
Phone: one eight zero five four nine three three eight nine zero

Categories

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