Latinos are crucial for the economic growth of the country, according to a new report released by the Latino Donor Collaborative, a nonpartisan association of Latino business, political and academic leaders.
Fifty-five million Latinos in the U.S. workforce would shape the seventh-largest economy in the world, the report added.
In 2015, the economic output of Latinos living and working in the U.S. was $2.13 trillion which is around 11.8% of America's $18.04 trillion gross domestic product. Latinos are expected to contribute more and more to the economy, fueling nearly a quarter of all U.S. GDP growth, representing 12.7% of the country's total GDP by 2020.
The report promotes “a factual view of the importance of Latinos to our economy."
"We are excited to have statistical evidence that proves what Latinos living in the U.S. have always known to be true: we are a hard-working, productive, and essential part of American economic growth and American society," said Ana Valdez, executive director of the Latino economic advocacy group.
With the U.S. population aging, it is the young Latinos who are expected to bring a positive economical change. And this forecast is backed by facts; the median age of Latinos is 28, compared to 40 for the non-Latino population.
From 2010 to 2015, the number of Latino graduates between the ages of 20 and 24 grew by 40.6%, whereas just to 13.6% of the college graduates were non-Latino.
Meanwhile, 360,000 young Latinos joined the labor force, compared to 155,000 young non-Latinos.
During the same time duration, the Latino economy grew at 2.9% per year, while the non-Latino economy grew at 2.1%.
If the U.S. Latinos had a state of their own, their GDP would have been the seventh-largest in the world in 2015 — just behind France, but ahead of India. As far as GDP growth is concern, U.S. Latinos came in third, behind China and India between 2010 and 2015.
As the U.S.-born Latino population grows and becomes better educated, a huge opportunity is emerging, said Bautista, who conducted the study with economist Werner Schink, co-founder and CEO of Latino Futures Research.
All these stats confirm that as the older generation of American workers, the baby boomers, retire the younger generation of Latinos will support the labor force.