U.S. Latino Economic Output Reaches $3.2 Trillion: Report

The economic output of Latinos residing in the United States grew to $3.2 trillion in 2021, up significantly from $2.8 trillion in the year before, according to a new study published Wednesday by the non-profit Latino Donor Collaborative and Wells Fargo.

The report found that if U.S. Latinos were their own country its GDP would rank fifth in the world surpassing the economies of India, the United Kingdom and France.

"From 2011 to 2021 U.S. Latinos were responsible for 20.9% of the real GDP growth in the United States," said Latino Donor Collaborative Chair Sol Trujillo in a letter released with the report. "U.S. Latinos are leading the growth of our country’s GDP, entrepreneurship, consumption, innovation, productivity, and labor force."

The Latino Donor Collaborative works to reshape the perception of the Latino community through research and public outreach.

In the last 10 years through 2021, the U.S. Latino economy was the third-fastest growing among world economies, only behind China and India, according to the analysis.

During the same period, U.S. Latino wages and salaries grew at a 4.7% annual rate to $1.7 trillion, outpacing the salary growth rate — 1.9% —of non-Latinos in the U.S.

This year was the first time that the annual report broke down how much each state makes up the national Latino economy. In 2021 it was concentrated in three states: California, Texas and Florida amounting to $682 billion, $465 billion, and $240 billion, respectively.