The Hispanic community has the highest labor force participation rate in the nation (5.4% higher than other groups), according to a new report from The Latino Donor Collaborative in partnership with Arizona State University and Wells Fargo:
According to the study, "over the last decade, Latinos with a college degree or higher grew 6.8%, while non-Latinos only grew by 2.8%." In addition, they revealed that this group joins the active population at a higher rate than any other and "represents almost 80% of the net growth of the active population."
Official LDC US Latino GDP by Veronica Silveri on Scribd
The report highlights "the significant impact of Latinos in the new American economy" since they are generators of the "29% increase in the percentage of growth in wage income in the United States." The study points out that the income of the Latino community has grown twice as much as that of non-Latinos (3.7% of Latinos compared to 1.8% of non-Latinos).
Latinos, fundamental to "the success of state economies"
The study highlights that "the Latino workforce in the United States is fundamental to the success of state economies" and gives as an example the job growth in different states of the nation:
- Florida: 58% of the total new jobs were occupied by Latinos (1.6 million new jobs, 900,000 employed in this community).
- Texas: Latinos occupied 1.2 million of the 2 million new jobs (59% of the total).
- California: 1.2 million of the 1.3 million new jobs were occupied by Latinos (87%).
- Washington: of a total of 480,000 new jobs, 160,000 were occupied by Latinos (33.8%).
- Arizona: 60% of all new jobs were filled by Latinos (520,000 new jobs, the group held 310,000).
The Latin GDP and purchasing power
The Gross Domestic Product (GDP) of Hispanic residents in the United States has grown significantly in recent years. Currently, it is located in the 3.2 trillion dollars and the Latino Purchasing Power (PPL) is 3.4 trillion dollars. These numbers reflect a reality, and that is that if this group were an independent nation, It would rank as the fifth country in the world with the highest value in the production of goods and services:
If Latinos were a country, they would be the 5th largest economy in the world, only behind the US, China, Germany and Japan. Latinos in the US are not a niche market, nor a small one, nor as it is sometimes described as a market of the future. It is already the third fastest growing economy on the planet, and may soon rival China's growth rates.
Furthermore, in the last decade, the consumption (+2.1%) and purchasing power (+2.4%) of Latinos has grown much faster than that of non-Latinos. Community income growth also outpaced non-Latinos significantly (4.7% vs. 1.9%).
