Hispanic Heritage Month provides an opportunity to reflect on the impact Hispanics have made in our culture every year. Whether we recognize it or not, we experience this impact year-round through our food, sports, business, politics, science, education and the arts. Yet, one of the most important and lasting impacts that isn’t often celebrated is the role the community plays in accelerating economic growth.
The recently released U.S. Latina GDP Report, funded by Bank of America Corp., reveals a powerful truth: Latinas are a driving force in the U.S. economy, contributing $1.3 trillion to the GDP in 2021.
In fact, Latina economic output has grown over 50% in a decade – far outpacing the growth rate of any other segment. Today, the Latina GDP is larger than the entire economy of Florida, which is larger than the economies of every state except California, New York and Texas.
This rapid rise reflects the resilience, hard work and entrepreneurial spirit of Latinas across the country. Here in Rhode Island, these statistics are evident in the contributions of Latina business owners who are driving our local economy and revitalizing our community.
It’s also important that our workforce reflects the communities we serve. Our Hispanic/Latino Organization for Leadership and Advancement – HOLA – is committed to attracting and retaining Hispanic employees and provides a forum through which its members can gain access to mentoring and networking opportunities with senior bank leaders. Our Rhode Island HOLA chapter has more than 250 members. Some of the most active members are Latinas who support our many Spanish-speaking entrepreneurs and small businesses.
When it comes to college education, 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%. And despite being just 9.3% of the U.S. population, Latinas are responsible for 30.2% of the U.S. labor force growth since 2010.
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Jess Hutchinson[/caption]
Through this increased educational attainment and powerful entrepreneurial mindset, Latinas continue to build thriving businesses that uplift their local communities, propel economic mobility and create generational wealth. They provide valuable services and act as role models, showing the next generation what is possible with dedication and opportunity. By reinvesting in their neighborhoods and supporting each other, they are creating more-resilient local economies.
This year, as we celebrate Hispanic Heritage Month and the significant role Latinas play in our nation’s economic growth, we applaud the women who are strengthening our city, local communities and beyond.
These women are not just contributing to the economy; they are giving life to it.
Rictania Nogueras is vice president and consumer banking market leader at Bank of America Corp. in Rhode Island. Jess Hutchinson is Bank of America Rhode Island market executive.
