If Latinos were an independent country their GDP would rank fifth in the world, the study found.
While growth for the Latino community remains widespread in the U.S. geographically, the community drove particular growth in the states of California, Texas and Florida, amounting to $682 billion, $465 billion and $240 billion of economic impact, respectively.
"I would say if you look at the charts now that we have in our study, 48 out of the 50 states' growth is tied to this [Latino] cohort," Trujillo said. In Latino emerging markets, South Dakota, North Dakota and New Hampshire have seen a surprising surge, with the highest GDP growth rates since 2011. In South Dakota, the economic impact of Latinos grew at an annual rate of 11.8% in 2021, according to LDC, slightly outpacing its neighbor.
The report also found that Latinos' wages and salary incomes — totaling $1.67 trillion in 2021 — grew more than those of non-Latinos over the previous decade at an annualized rate of 4.7% compared to 1.9% for non-Latinos.persists in the country, with the average Latino worker earning 80 cents for every $1 earned by white non-Hispanic employees.
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