A report from Bank of America found that the Latina contribution to the U.S. economy is significant, and that Hispanic women make up over 30% of labor force growth.
Hispanic women are making significant contributions to the U.S. economy.
A report by Bank of America found that Latinas are responsible for 30.2% of growth in the U.S. labor force since 2010. The data also shows that Hispanic women in the U.S. contributed to a total economic output equal to $1.3 trillion in 2021.
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Jennifer Auerbach-Rodriguez, an executive focusing on strategic growth markets at Merrill Wealth Management, told Scripps News, “$1.3 trillion is a massive number … it is larger than the economic contribution of Florida, but it is also greater than the economies for 47 to 50 of the states in the United States. It is incredible … it is about levels of education, it is about labor force participation, it is about real income growth. It is a story about entrepreneurship.”
The data found that Hispanic women are major economic drivers for the U.S. economy.
Auerbach-Rodriguez said, “It is incredibly powerful to see not only Latinos now representing $3.6 trillion in GDP, but in the role that specifically Hispanic women play.”
The research, funded by Bank of America, was called the “first of its kind” in a statement from the bank which was led by professors Matthew Fienup, a Ph.D at California Lutheran University and David Hayes-Bautista, a Ph. D at UCLA’s Geffen School of Medicine.
Bank of America said in their research findings that the Latina contribution to GDP “grew at 2.7 times the rate of the GDP of Non-Hispanics between 2010 to 2021.”