The Gross Domestic Product (GDP) of Hispanics residing in the United States grew significantly between 2015 and 2020, going up to $2.8 trillion. This implies that if they were an independent country, they would be the fifth highest country valued in the production of goods and services.
According to a report by Latino Donor Collaborative and Wells Fargo, GDP grew $0.7 trillion over data from 2015 ($2.1 trillion) and by $1.1 trillion between 2010 and 2020.
From 2015 to 2020, Hispanics residing in the United States ranked fifth in the world in economic output, moving up three places from 2015 and surpassing global powers such as France and the United Kingdom. Despite pandemic confinements and closures, Hispanics "got back to work with a sense of urgency" and achieved this significant uptick.
With 18.7% of the total U.S. population being Hispanic, the increase in the value of their production was a major foundation for the U.S. economy. They are an important economic force for the United States and for business.
In 2020, Hispanic Americans increased their income by 6.7%, while the non-Hispanic population's income decreased by 1.1%.
Hispanics are already major players in the country's economy. The co-founder and president of the Latino Dotor Collaborative, Sol Trujillo, explained that they are the most productive community in the United States:
The Hispanic community accounted for almost 80% of the new additions to our workforce in the last decade. It also accounted for 52% of all new business, making it the most prolific community in our country.