Home Economy New reports cite large Latino contributions to state, U.S. economy

New reports cite large Latino contributions to state, U.S. economy

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A new report from Bank of America says that Latinos have contributed $92 billion dollars to Arizona’s Gross Domestic Product. 

Contributions are most prominent in Education & Healthcare (16.9% of Arizona’s Latino GDP), Finance & Real Estate (12.9%), and Professional and Business Services (11.8%). 

There are eight states in the U.S. that are home to approximately three-quarters of the Latino population (Arizona, California, Florida, Illinois, New Mexico, New York and Texas). These states have a Latino GDP of $2 trillion dollars. According to the study, if that figure were separated into a country of its own, that GDP would sit at the eighth-largest in the world, above Brazil and South Korea.

Compared to the 10-largest GDPs in 2018, the Latino GDP was the fastest growing, maintaining a pace that was 21% faster than India’s and 30% faster than China’s. If the Latino population of the aforementioned…

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