The Strategist

Survey: Hispanics' contribution to the US economy rises to $3.2 trillion in 2021

10/02/2023 - 04:12

According to a survey by Wells Fargo Bank and the Latino Donor Collaborative (LDC), a nonprofit organization, the contribution of Hispanics to the US economy increased to $3.2 trillion in 2021 from $2.8 trillion in the previous year.

The U.S. National Archives
The U.S. National Archives
The GDP of the Hispanic population as a whole would be larger than that of the UK, India, France, and Italy combined, placing it sixth in the world, just behind Germany.

Between 2011 and 2021, the US real GDP growth attributable to Hispanics was 20.9%. Their salaries increased at an average annual rate of 4.7% throughout this decade, reaching $1.67 trillion in 2021, compared to other groups' 1.9% growth. However, the wage disparity still exists, with non-Hispanic whites' median salaries representing 80% of that of Hispanics.

Despite their widespread presence in the nation, Hispanics have made the most economic contributions to California ($682 billion), Texas ($465 billion), and Florida ($240 billion). The Hispanic economy of California would be the 21st largest in the world, between Poland and Switzerland.


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