MIAMI--(BUSINESS WIRE)--The Latino Donor Collaborative (LDC), a nonprofit organization and think tank dedicated to producing research that highlights economic opportunities for growth, has released its highly anticipated 2023 Official LDC U.S. Latino GDP Report, available for download. The report, now in its sixth edition, provides a trove of new data and insights about the U.S. Latino cohort: how the country’s fastest growing population is fundamentally reshaping the U.S. economy through three primary channels: population growth, a high degree of workforce participation, and increased productivity linked to educational attainment.
The release of the new report kicks off the 2023 L’ATTITUDE Conference, which takes place at The Fontainebleau Miami Beach from September 27 – 30. L’ATTITUDE is the largest business event in the country focused on “The New Mainstream Economy,” helping executives and business leaders understand the U.S. Latino cohort driving its growth and stay abreast of the latest economic trends and opportunities. Every year, the conference provides a national platform showcasing the economic leadership of U.S. Latinos in business, media, politics, science, and technology.
U.S. Latino Economy at a Glance
- U.S. Latino GDP now valued at $3.2 trillion (14% YOY increase), growing 2.5x faster than non-Latino equivalent.
- U.S. Latino purchasing power is measured at $3.4 trillion.
- In 2021, Latino income in the U.S. amounted to $2.5 trillion and grew at a rate of 4.7% compared to 1.9% for non-Latinos.
- Measured by GDP, the U.S. Latino economy would rank as the world’s fifth largest.
- Its growth comes from its youth, its labor force participation, educational attainment, and income growth.
Supported through the years by generous funding from Wells Fargo Bank, LDC is the most trusted source of information and analysis on the economic impact of U.S. Latinos across all industries and levels. These reports are often relied upon by institutions such as the Federal Reserve, the U.S. Congressional Joint Economic Committee, and myriad Fortune 500 corporations, which harness the data to project business trends and appeal to Latino demographics.
Led by Dennis Hoffman, Director of the L. William Seidman Research Institute at the W. P. Carey School of Business, Arizona State University, and Jose Jurado, Research Economist at the L. William Seidman Research Institute, the 2023 Official LDC U.S. Latino GDP Report is the first one produced through a new five-year research partnership with ASU.
Breakdown of the U.S. Latino Economy by State
For the first time, the 2023 Official LDC U.S. Latino GDP report provides a breakdown of the Latino economy across all 50 states.
- The California Latino economy alone would rank as the 21st largest in the world.
- Texas is ranked second ($465 billion) and Florida is third ($240 billion).
- South Dakota grew at an annual rate of 11.8%.
Youth and Surging Population Growth
- The most common age range is 10-to-14 years, compared to 60-to-64 years among non-Latinos. The majority are under 25 years.
- From 2010 – 2021, the Latino population surge constituted 52% of the total U.S. population growth during that time, translating into a 24.1% increase in the Latino population, compared to a 4.3% rise among non-Latinos.
- From 2010 – 2021, the share of U.S. households identifying as Latino has risen from 11.6% to 14.4%.
- From 2010 – 2021, the number of individuals holding a bachelor’s degree or higher increased by 6.8% on an annualized basis, compared to 2.8% for non-Latinos.
“The Official LDC U.S. Latino GDP Report is crucial for decision-makers across all industries who rely on data-driven analysis to give them the edge in reaching new audiences, increasing awareness and influence, and driving sales. None of that is possible without tapping into the U.S. Latino economy. The 2023 report’s findings show companies that discount the U.S. Latino cohort do so at their own peril,” said Ana Valdez, CEO and President, LDC.
“Through our new research partnership with ASU and Notre Dame, we can expand the scope of our analysis and share deeper, richer insights. For the first time, our report provides a breakdown by state and more information on rapidly emerging Latino markets. This not only prepares businesses to better understand their customer value, but it also provides useful data for policymakers, think tanks, and exporters to use for comparisons,” said Valdez.
“We are excited to bring together some of the top U.S. Latino business leaders and executives at L’ATTITUDE. The power and influence of the U.S. Latino cohort gives America a growth engine unlike any other country in the world. We should celebrate that, but we also need to continue deploying the LDC’s data and implementing the research findings to drive economic and business decisions that are relevant to the 21st century,” said Sol Trujillo, chairman and co-founder of LDC and L’ATTITUDE.
“The New Mainstream Economy is a broad intersection of changes in technology, education, demographics, and macroeconomics. The Official 2023 LDC U.S. Latino GDP report is innovative because it matches what’s happening in our economy and gives companies a pathway for making future decisions. The new data is the clearest sign yet that the U.S. economy will be highly depending on participation from the U.S. Latino cohort. We look forward to hearing our L’ATTITUDE participants share their insights on how they will use the data to activate change,” added Trujillo.
“The 2023 LDC U.S. Latino GDP Report not only underscores the incontestable economic prowess of the U.S. Latino community but also foretells the future trajectory of our nation,” said Arizona State University President Michael M. Crow. “The data collected by The Seidman Research Institute at ASU’s W. P. Carey School of Business offers insight that reveals an unprecedented opportunity for businesses, policymakers, and educational institutions to adapt, innovate, and prosper in tandem with this demographic. At ASU, we look forward to harnessing these insights to further our mission of excellence and societal impact.”
About Latino Donor Collaborative
The Latino Donor Collaborative (LDC) is an independently funded 501(c)(3) nonprofit organization and think tank. LDC has consistently provided economic and business data through meticulous research and fact-based insights. Its reports have become essential tools for American resource allocators, highlighting the growing opportunities emanating from the myriad contributions of U.S. Latinos across the societal spectrum. Learn more at https://www.latinodonorcollaborative.org/.
The brainchild of international business executive Sol Trujillo and NAHREP Co-Founder & CEO Gary Acosta, L'ATTITUDE hosts a world-class slate of CEOs, celebrities, economists, educators, entrepreneurs, journalists, politicians and industry influencers at its annual conference. Participants engage in open dialogue about the latest facts and data regarding America's Latino Factor and the New Mainstream Economy. As the name implies, L'ATTITUDE is about staying on course to a growing and sustainable economic future for America. U.S. Latinos, our country's youngest cohort, represent nearly 1 in 5 Americans, and account for over $3.2 trillion in GDP, making it the 5th largest economy in the world if it were a stand-alone country. L'ATTITUDE features presentations, panel discussions, interactive sessions, and entertainment featuring leading celebrities.