By InBusiness Phoenix
For the second time since the announcement of their partnership, the Latino Donor Collaborative (LDC) and the ASU W. P. Carey School of Business released the 2024 LDC U.S. Latino GDP Report™ at the L’ATTITUDE Conference. The report, titled “Youth, Entrepreneurship, and Human Capital,” details the immense contributions made by U.S. Latinos, who represent 19.5% of the country’s population. The report is sponsored by Wells Fargo.
“Every year, thousands of U.S. Latino business leaders come together with a mission to learn how to use this data to influence real change, create actionable plans to engage Latino audiences, and support economic policy,” remarked Sol Trujillo, co-founder and chairman of the LDC and L’ATTITUDE. “The 2024 LDC U.S. Latino GDP Report continues to be invaluable for business decision-makers who are motivated by data to inform their growth strategies.”
The 2024 Official LDC U.S. Latino GDP Report features three additional innovations compared to last year, including forecasts of the Latino economy through 2029; a new section on U.S. Latino entrepreneurs, analyzing firm creation, employment generation, receipts, revenue, and payroll by Latino origin, industry, and firm size; and in-depth analysis of young Latino cohorts, who make a significant contribution to the current and future labor force.
Dennis Hoffman, PhD, director of ASU’s Office of the University Economist and the Center for Competitiveness and Prosperity, and José A. Jurado, PhD, principal investigator and research economist at W. P. Carey’s L. William Seidman Research Institute, coauthored the report for the second year. “This year’s report outlines an important reality,” Jurado said. “Latinos are driving important economic growth across the country and in Arizona, and we see that trend not only continuing but expanding.”
Some important findings from the report include:
- U.S. Latino GDP grew 13% in nominal terms from $3.2 trillion in 2021 to $3.6 trillion in 2022, making it comparable to the fifth largest economy in the world, just after Germany.
- The real growth in the U.S. Latino GDP is compelling, at 4.6%.
- Arizona is a top 10 state for measured Latino GDP, with $112.83 billion in 2022.
- Among the 10 largest Latino economies in the U.S., Arizona enjoys the third largest contribution of Latinos to its GDP growth, at 38.1% between 2017 and 2022.
- The Arizona real annualized growth rate of U.S. Latino State GDP was 6.8% between 2017 and 2022.
