Latinos key to U.S. economic growth, study finds

by Facebook fan page to Latino social media giant

Latinos are becoming an increasingly critical engine for America’s economic growth, a fresh report finds.

In 2015, the 55 million Latinos living as well as working inside the U.S. were responsible for $2.13 trillion — or 11.8% — of America’s $18.04 trillion gross domestic product, according to a study released Thursday by the Latino Donors Collaborative, a nonpartisan association of Latino business, political as well as academic leaders.

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as well as those contributions are anticipated to continue to grow.

By 2020, the researchers estimate in which Latinos will fuel nearly a quarter of all U.S. GDP growth, as well as represent 12.7% of the country’s total GDP. Helping to power in which growth will be the growing number of young Latinos who will be joining the workforce as an older generation of American workers — the Baby Boomers — retire.

Related: America can be missing out on a $1.4 trillion Latino business opportunity

“We are excited to have statistical evidence in which proves what Latinos living inside the U.S. have always known to be true: we are a hard-working, productive, as well as essential part of American economic growth as well as American society,” said Ana Valdez, executive director of the Latino economic advocacy group.

The researchers relied on data by the Census Bureau, Department of Commerce, Bureau of Labor, World Bank, as well as the University of Minnesota to reach their findings.

If the U.S. Latino GDP was considered an economy of its own, the idea might have been the seventh-largest inside the entire world in 2015 — just behind France as well as ahead of India, the researchers found. In terms of GDP growth between 2010 as well as 2015, U.S. Latinos came in third, behind China as well as India.

chart latino gdp comparison

Related: Years after the meltdown, Latinos still wary of big banks

“A lot of places have fast-growing GDPs, nevertheless they also have high volatility as well as uncertainty,” said David Hayes-Bautista, director of the Center for the Study of Latino Health as well as Culture at the University of California Los Angeles, as well as one of the lead researchers on the study.

Bautista said Latinos represent a safer haven for investors. Between 2010 as well as 2015, Latino GDP grew at a rate of 2.9% annually, outpacing overall U.S. GDP growth of 1.7%, the researchers found.

As the U.S.-born Latino population grows as well as becomes better educated, a huge opportunity can be emerging, said Bautista, who conducted the study with economist Werner Schink, co-founder as well as CEO of Latino Futures Research.

which has a median age of 28, the U.S. Latino population can be very young, he noted.

Between 2010 as well as 2015, the number of Latinos graduating college between the ages of 20 as well as 24 grew by 40.6%, compared to 13.6% for the non-Latino college graduates.

Related: How I went by a U.S. Marine to medical student

These young grads contain the potential to keep the U.S. economy growing, Bautista said. However, many of today’s graduates are saddled with debilitating student debt, stunting their economic prospects as they enter the workforce, he said.

“As we move into the science as well as high-tech economy, we need critical masses of workers to keep the U.S. Competitive… We tend to import in which talent as well as the idea might behoove us to invest locally in in which,” Bautista said. “We need to keep our eye on the ball as well as rethink where we want to fit into the global economy,”

sy88pgw (fresh York) First published July 1, 2017: 9:06 AM ET


Latinos key to U.S. economic growth, study finds

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