PROVIDENCE – New data from researchers shows that female Hispanics in the U.S. contributed $1.3 trillion in 2021 to the national gross domestic product, representing over 50% growth in a decade, according to a study funded by Bank of America Corp.
The U.S. Latina GDP report is the first of its kind of research on the significant and rapidly growing economic contribution of the nation’s Hispanic female population, the bank said.
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Led by professors Matthew Fienup at California Lutheran University and David Hayes-Bautista at 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.
The report said 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 and client development executive at Merrill Wealth Management, a Bank of America subsidiary.
“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,” Fienup said. “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.”
The key findings in the U.S. Latina GDP Report include:
• 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.
• From 2010 to 2021, the number of Hispanic females in the U.S. labor force grew a total of 32.9% compared with only 2.7% 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.
• The number of Latinas with a bachelor’s degree or higher education increased by 103% between 2010 and 2021, while the number of highly educated non-Hispanic females increased by only 38.3%. Latina educational attainment is growing 2.7 times faster than that of non-Hispanic females.
• From 2010 to 2021, the real incomes of U.S. Latinas grew a total of 46.0% compared with only 18.5% for non-Hispanic females.
“U.S. Latinas coming of age and entering the U.S. labor force are overwhelmingly second- and third-generation Americans,” Hayes-Bautista said. “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.”
This data builds 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 the broader U.S. economy. They document substantial economic growth premiums enjoyed by Latinos of all genders, relative to non-Latinos in the U.S.
