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The latinos they are all over America today, always optimistic, hard-working and cheerful. Furthermore, if they were a country, would be the fifth largest economy in the world and the third fastest growing among the largest economies.
This is what was determined by a study carried out by the Non-Governmental Organization, Latino Donnor Collaborative in conjunction with Wells Fargo Bank.
“Despite being only 18.6% of the US population, Latinos have been responsible for 73% of the growth in the US workforce since 2010. From 2010 to 2020, Latinos added workers to the US workforce. the United States nearly 15 times more than non-Latinos,” the study explains.
According to data collected by the organization, the consumption of Latinos in the United States is greater than that of the economies of entire countries such as Canada and South Korea. In addition, it highlights that in 2020 the GDP (Gross Domestic Product) generated by the Latino community was $2.8 billion dollars, a figure only behind the United States, China, Japan and Germany if we talk about countries.
Study authors Dan Hamilton and Matthew Fienup of California Lutheran University and Paul Hsu and David Hayes Bautista of the University of California, Los Angeles explain that the values that helped Latinos get through the COVID-19 pandemic without leaving of generating income to keep the economy active were the hard work, self-reliance and optimism.
The study states: “Latino Americans are the second largest population group in our country (United States). They are also growing in population numbers, while the Anglo population is shrinking. Their most common age is eleven in compared to age 58 for Anglo Americans, 27 for African Americans, and 29 for Asian Americans.The combination of population size and growth, youthful age, and dramatic growth in educational attainment has created an ideal formula for the growth and resilience that makes America’s Latino cohort the foundation of our New Mainstream Economy.”
Here you can consult the complete study.