Bank of America Tucson Lauds Report that Latinas Contribute $1.3 Trillion in GDP

New data from leading researchers indicates that female Hispanics in the U.S. have contributed $1.3 trillion in 2021 to the gross domestic product, representing over 50% growth in a decade. 

The U.S. Latina GDP Report, funded by Bank of America, is first of its kind research on the significant and rapidly growing economic contribution of the nation’s Hispanic female population. Led by professors Matthew Fienup of California Lutheran University, and David Hayes-Bautista of UCLA Geffen School of Medicine, the Latina GDP report found thatU.S. Latina GDP grew at 2.7 times the rate of the GDP of Non-Hispanics between 2010 to 2021. Today, the Latina GDP is larger than the entire economy of the state of Florida.  

This exciting body of work captures the positive growth and contributions that U.S. Latinas from multiple generations have been making to the U.S. economy, and confirms that Latinas are a driving force. We see similar momentum reflected in our overall business as well as many of the same key drivers found in our own research,” said Jennifer Auerbach-Rodriguez, strategic growth markets and client development executive, Merrill Wealth Management. 

“Following notable reports on U.S. and Metro Area Latino GDP, this new report provides much needed attention to the extraordinary contributions of U.S. Latinas. This research reveals that Latinas outpace their gender and ethnic peers in key economic measures, including record levels of Latina workforce participation, educational attainment, and income growth. It reveals that Latinas are drivers of much-needed economic vitality for the nation,” said Fienup.

“The Latina GDP report celebrates the impact of Latinas in driving the nation’s GDP, but it also gives us an opportunity to better understand their contributions on a local level,” said Adriana Kong Romero, president of Bank of America Tucson. “In Tucson alone, 1 in 3 female small business owners is Latina, showcasing their resilience and entrepreneurial spirit. Recognition of Latina impact in this report gives us a platform to say, ‘we see your economic value and power.’”

The key findings in the U.S. Latina GDP Report include:

Economic Output

• The total economic output of U.S. Latinas is $1.3 trillion in 2021, up from $661 billion in 2010, and larger than the economies of all other states except California, Texas and New York.
• From 2010 to 2021 real U.S. Latina GDP increased a total of 51.1% compared to only 18.8% for non-Hispanic GDP. In other words, the GDP of U.S. Latinas is growing 2.7 times faster. 

Labor Force Participation

• From 2010 to 2021, the number of Hispanic females in the U.S. labor force grew a total of 32.9% compared to only 2.7 percent for non-Hispanic females. Despite being just 9.3% of the U.S. population, Latinas are responsible for 30.2% of the growth of the U.S. labor force since 2010.
• From 2000 to 2021, the Latina labor force participation rate increased 7.5 percentage points, while the rate for non-Hispanic females was flat. U.S. Latinas, who started the century with a participation rate a full 5.0 percentage points lower, are now 2.5 percentage points more likely to be actively working than their non-Hispanic female counterparts.

Educational Attainment

• The number of Latinas with a bachelor’s degree or higher education increased 103% between 2010 and 2021, while the number of highly educated non-Hispanic females increased only 38.3%. Latina educational attainment is growing 2.7 times faster than that of non-Hispanic females.

Real Income

• From 2010 to 2021, the real incomes of U.S. Latinas grew a total of 46.0 percent compared to only 18.5 percent for non-Hispanic females. In other words, Latina income growth is 2.5 times that of their non-Hispanic female counterparts.

This data builds directly upon six annual U.S. Latino GDP reports as well as eight state and a dozen metro area Latino GDP reports released since 2018. Using publicly available data from major U.S. agencies, those reports reveal that Latinos are drivers of economic growth and a critical source of resilience for broader U.S. economy. They document substantial economic growth premiums enjoyed by Latinos of all genders, relative to non-Latinos in the U.S. 

For example, labor force growth of male and female Hispanics in the U.S. is nine times the growth of the non-Hispanic labor force. Real Latino GDP growth is 2.5 times the growth of non-Latino GDP. These premiums exist across a wide range of economic indicators – labor force participation, educational attainment, real income, consumption, and more.