August 27, 2024
A new report funded by Bank of America and conducted by professors at California Lutheran University and UCLA reveals that Latinas contributed $1.3 trillion to the U.S. gross domestic product in 2021, a significant increase from $661 billion in 2010. This growth rate is nearly triple that of non-Latinos during the same period. The report highlights that Latinas are a driving force behind economic vitality in the United States. The study emphasizes that Latinas are outpacing their gender and ethnic peers in key economic measures, including record levels of workforce participation, educational attainment, and income growth. This economic contribution is equivalent to the GDP of Florida, surpassed only by California, Texas, and New York. Latinas' increased economic output and labor force growth, which is nine times faster than non-Latinos, translates to higher earnings and economic mobility for Latinas. Factors contributing to this rapid economic growth include the aging out of older immigrant Latinas from the workforce, replaced by their U.S.-born daughters and granddaughters. These younger Latinas are entering the workforce with higher levels of education and bilingual skills, propelling further economic advancement. The report concludes that Latinas are combining the hard work ethic of their elders with a growing human capital, leading to significant economic contributions. Claire Savage, AP.
