Hispanics are driving U.S. economic growth

Here’s why credit unions should care...

Anyone curious about the Hispanic community’s contribution to the U.S. economy need not look any further than these stats from the first half of this decade, provided by the Latino Gross Domestic Product (GDP) Report:

  • At 2.9 percent, the U.S. Hispanic GDP experienced the third-highest growth rate in the world, behind only China and India. It was nearly 70-percent higher than the non-Hispanic U.S. GDP growth rate of 1.7 percent.
  • If it were an independent country, the U.S. Hispanic GDP would be the seventh largest in the world, larger than the GDP of India, Italy, Brazil or Canada.
  • While the non-Hispanic U.S. workforce shrank by about 4,000 workers, the Hispanic U.S. workforce grew by nearly 2.5 million, making possible an overall increase of 2.4 million in the U.S. workforce, ages 24 to 64.

 

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