Lori E. Varlotta President | Official website of California Lutheran University
Lori E. Varlotta President | Official website of California Lutheran University
(THOUSAND OAKS, CALIF. — Aug. 27, 2024) While Latinos of all genders are drivers of economic growth and a critical source of resilience for the broader U.S. economy, the contribution of U.S. Latinas is extraordinary, giving life to the U.S. economy. This is according to the inaugural Bank of America U.S. Latina GDP Report by California Lutheran University’s Center for Economic Research & Forecasting released Aug. 22 during the California Hispanic Chamber of Commerce 45th Annual Statewide Convention in Bakersfield.
This research documents the previously under-studied role of Latinas’ economic impact. In the areas of total economic output, population and labor force growth, labor force participation, income and educational attainment, Latinas’ impact is significant.
“The 2021 U.S. Latina GDP is $1.3 trillion, up from $661 billion in 2010. The total economic output of Hispanic Females in 2021 is larger than the entire economy of the state of Florida. In fact, only the GDPs of California, Texas or New York are larger than the U.S. Latina GDP,” according to the report authored by Matthew Fienup, Ph.D., executive director of the Center for Economic Research & Forecasting (CERF) at California Lutheran University; Dan Hamilton, Ph.D., CERF director of economics; David Hayes-Bautista, Ph.D., director of the Center for the Study of Latino Health and Culture at the School of Medicine, UCLA; and Paul Hsu, Ph.D., epidemiologist at the Fielding School of Public Health.
This new research uses publicly available data from major U.S. agencies between 2010 and 2021 and builds on six annual U.S. Latino GDP Reports released since 2018 and eight State and a dozen Metro Latino GDP Reports written in partnership with Bank of America.
“This population of Latinas entering the U.S. labor force during our period of study are overwhelmingly second- and third-generation Americans,” Fienup said. “These daughters and granddaughters of immigrants combine the extraordinary and selfless work ethic of their elders with rapid growth of human capital, propelling not just Latina GDP but overall GDP growth in the U.S.”
Some additional findings from the Bank of America U.S. Latina GDP Report include:
- Latina GDP is growing 2.7 times faster than Non-Hispanic GDP.
- The Latina component of the U.S. labor force is growing more than 12 times that of Non-Hispanic females.
- The Latina labor force participation rate has increased strongly since 2000 and sits at an all-time high.
- Latinas are 2.5 percentage points more likely to be working than Non-Hispanic females.
- Latina educational attainment is growing 2.7 times that of Non-Hispanic females.
- Latinas enjoy an income growth rate 2.5 times that of their Non-Hispanic female counterparts.
Fienup and Hayes-Bautista will present the report’s findings this fall at professional events nationwide.
The full report is available at LatinaGDP.us.
About the Latino GDP Project
The effort to calculate Latino GDP began with David Hayes-Bautista around 2004 using established government data programs to calculate a robust summary statistic for economic performance among U.S. Latinos. The inaugural Latino Gross Domestic Product (GDP) Report was produced in 2017 followed by five additional annual reports with support from Bank of America starting in 2021.
About CERF: CERF economists Matthew Fienup and Dan Hamilton are members of various prestigious economic forecasting surveys including those conducted by Wall Street Journal and National Association for Business Economics (NABE). CERF has received multiple Crystal Ball Awards for its Zillow Home Price Survey forecasts.
About California Lutheran University: Founded in 1959 as a Hispanic-Serving Institution since 2016, California Lutheran University serves over 2,300 undergraduate students from diverse backgrounds committed to service and justice.
Media Contacts
Tom Hoener
Associate Vice President for Enrollment Management
California Lutheran University
thoener@CalLutheran.edu
Sarene Wallace
PR Consultant
805-816-5616
sarenewallace@CalLutheran.edu
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