Latinas Contribute $1.3T to U.S. Economy

Great news, familia!

The 2024 U.S. Latina GDP Report is out, and it’s packed with stats that prove just how powerful and valuable Latinas are to the U.S. economy. According to the report, Latinas contributed a staggering $1.3 trillion to the U.S. economy in 2021. Yes, you read that right—not millions, or even billions, but over 1 trillion dollars. That’s an economic output larger than the entire economy of Florida , only surpassed by California, Texas, and New York. Increíble! 

This report, the first of its kind, was funded by Bank of America and compiled by top researchers from California Lutheran University and UCLA. It shines a spotlight on the incredible contributions of U.S. Latinas, showing how we are driving economic growth at a rate 2.7 times faster than non-Hispanics.

Why This Report Is a Big Deal

For years, we’ve known that Latinas are the backbone of our families, communities, and increasingly, the economy. But this report offers hard data that shows just how significant our contributions are on a national level. If the Latina economy were a country, it would be the seventh largest in Latin America! The Latina GDP’s rapid growth highlights that our labor force participation is outpacing other groups—Latinas are 12 times more likely to be entering the workforce than non-Hispanic women. 

We are not just entering industries, we’re thriving in them—whether it’s starting businesses, earning degrees at record rates, or rising to leadership positions. The report reveals that from 2010 to 2021, Latina educational attainment grew more than 103%. Wepa! Combine that with our work ethic, and you have a formula for explosive economic growth.

The Latina Hustle is Real

What this report really confirms is something we already knew: Latinas hustle hard. We’ve always taken our roles as business owners and community leaders seriously. Our economic contributions reflect years of dedication, innovation, and resilience, especially as we navigate systems that haven’t always been designed to help us succeed. Despite these challenges, we’ve made $1.3 trillion worth of impact on the U.S. economy.

However, the report doesn’t shy away from noting the persistent barriers Latinas face, such as wage gaps and limited access to capital. While we are breaking records, we still experience the largest pay gap of any ethnic group in the U.S. But if history tells us anything, it’s that Latinas know how to rise above obstacles and turn them into opportunities.

Bank of America’s Role

It’s important to note that this report was funded by Bank of America, a major financial player that has had both positive and negative histories with minority communities in the past. Though there have been issues raised about their lending practices in the past, including a $335 settlement for discrimination against Black and Latina borrowers, we hope this collaboration highlighting Latinas is a positive step towards acknowledging both economic disparities and contributions. While this is not the primary focus here, it’s worth mentioning for context.

Looking Ahead: A Bright Future for Latina Entrepreneurs

The 2024 Latina GDP Report is a powerful tool not only for celebrating how far we’ve come but also for shaping the future of Latina entrepreneurship. With this data in hand, we can push for better access to capital, more visibility in leadership roles, and continued growth in sectors where Latinas are already thriving. The momentum is building, and if the numbers are any indication, Latinas will continue to play a pivotal role in driving the U.S. economy forward.

Feeling inspired? You should be! This report is a testament to the unstoppable force that Latinas represent. We are leading the way in workforce participation, higher education, and business creation, contributing $1.3 trillion to the economy in the process. Now is the time to double down on supporting Latina entrepreneurs. Whether it’s shopping Latina-owned brands, investing in Latina-led ventures, or mentoring young Latinas entering the business world, the future is ours to shape.

For a deep dive into the data, check out the full 2024 Latina GDP Report here and let's continue to celebrate, uplift, and invest in our Latina community! 

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