The total economic output of U.S. Latinos reached $2.8 trillion in 2020, surpassing the GDPs of the U.K. and India, according to a report released Thursday.
Why it matters: The report showed U.S. Latino buying power and economic output grew during the pandemic despite the disproportional impact it had on Latino communities, Russell writes.
- The Latino GDP even surpassed those of the United Kingdom, India and France.
- Latinos' total economic output was $2.7 trillion in 2019.
By the numbers: The report showed U.S. Latino GDP grew 65% from 2010, when it was $1.7 trillion, to 2020.
- In 2020, Latinos spent $1.84 trillion, representing a consumption market larger than the entire economies of Canada or South Korea, the report said.
Details: The study by the Latino Donor Collaborative, a non-profit organization researching Latino issues was unveiled Thursday at the L'attitude conference in San Diego.
- That's likely due to a strong workforce that rebounded quickly despite a disproportionate rate of infections, the report says.
- Pay in low-wage positions like hospitality and service jobs — in which Latinos are overrepresented — also grew over the last couple of years as businesses struggled to find workers.
What they're saying: "Latinos have proven to be a tremendous source of resilience for the broader U.S. economy, even in the face of a one-in-a-century global crisis such as COVID-19," the report's authors wrote.
- "The performance of Latinos during the pandemic is exemplified by income data. From 2010 to 2020, Latinos enjoyed significantly higher wage and salary income growth than non-Latinos," they added.
Go deeper: Report: U.S. Latino GDP tied with France, greater than Italy in 2019
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