As Hispanic Heritage Month unfolds, the contributions of U.S. Latinas to the economy are being celebrated, particularly in Oklahoma City, where their impact is increasingly visible. According to a recent report, Latinas contributed $1.3 trillion to the U.S. GDP in 2021, marking a significant growth of over 50% in their economic output over the past decade. This growth positions Latina GDP ahead of Florida's economy, ranking only behind California, New York, and Texas. [e48178a4]
In Oklahoma City alone, there are over 20,000 Hispanic-owned businesses, showcasing the entrepreneurial spirit and economic influence of the Latina community. Latinas have accounted for 30.2% of the U.S. labor force growth since 2010, underscoring their vital role in the workforce. Educational attainment among Latinas has also seen a remarkable increase of 103% from 2010 to 2021, reflecting their commitment to personal and professional development. [e48178a4]
The L’ATTITUDE conference, scheduled for September 12-15, 2024, in San Diego, will further highlight the economic influence of U.S. Latinos, with a focus on the contributions of Latina entrepreneurs. Founded by Sol Trujillo and Gary Acosta, the conference aims to showcase the economic power of U.S. Latinos, featuring over 35 sessions on various topics, including the 'State of the Economy' and 'Latinos in Film Entertainment.' [8d748ae4]
At this year's event, major business leaders from companies such as ESPN, Disney, Wells Fargo, and Sony Pictures will participate, alongside celebrities like NBA star Karl-Anthony Towns and singer Luis Fonsi. Entrepreneurs will have the opportunity to compete in a 'Match-Up' pitch session, fostering innovation and business growth within the Latino community. [8d748ae4]
The Latino Donor Collaborative (LDC) recently released the 2024 LDC U.S. Latino GDP Report, revealing that U.S. Latino economic output reached a record $3.7 trillion in 2022. This positions the U.S. Latino GDP as the fifth largest globally, surpassing both India and the UK. The report indicates that Latinos accounted for 41.4% of total U.S. GDP growth from 2019 to 2022, despite representing only 19.2% of the population. [06f43fee]
The economic impact of American Latinos is further emphasized by a UCLA report showing an increase of over 60% in their contributions from 2010 to 2022. Key sectors include Manufacturing ($457.4 billion), Retail Trade ($270.3 billion), and Construction ($250.3 billion). [8c8bd60b]
Bank of America highlights the significant contributions of Hispanic women to the U.S. economy, with their economic output reaching $1.3 trillion in 2021. The research indicates that Latina GDP growth was 2.7 times that of Non-Hispanics from 2010 to 2021. Jennifer Auerbach-Rodriguez emphasizes the importance of education, labor participation, and entrepreneurship in this growth. [613d7466]
Peter Guzman, president of the Las Vegas Latin Chamber of Commerce, notes that over 30% of immigrants in Nevada work in service occupations, showcasing the strong work ethic of Latino immigrants. Additionally, more than half of the Culinary Workers Union Local 226 members are Latino, underscoring their vital role in the local economy. [a2127a26]
The report also reveals that Latino youth are driving 70% of U.S. population growth, with 1-in-4 Gen Z and Gen Alpha individuals in the U.S. identifying as Hispanic. Furthermore, 68% of Latino youth feel that brands do not represent them well, highlighting a gap in marketing and representation. [7230a12c]
Latino youth are projected to contribute 78% of net new U.S. workers from 2020 to 2030, underscoring their crucial role in the economy. Hispanic consumer spending is expected to grow 1.3 times faster than non-Hispanic spending, reflecting the growing economic influence of this demographic. Additionally, 1.4 million Latinos become eligible to vote each year, with an estimated 36.2 million Hispanic voters expected in the November 2024 elections. [7230a12c]
The LDC U.S. Latinos in Media Report™ highlights a stark contrast between the demographic representation of U.S. Latinos and their presence in the media industry. While Latinos make up nearly 20% of the U.S. population, they hold only 9.8% of main cast roles in scripted shows and just 5% of unscripted television roles. This underrepresentation persists despite Latinos accounting for 24% of movie ticket sales and 29% of daily mobile TV viewers. [772dc9a8]
High-grossing films such as 'Inside Out 2' and 'The Super Mario Bros. Movie' showcased 40% and 41% Latino viewership, respectively, underscoring the economic potential of engaging Latino audiences. Despite this, Latinos hold only 11% of main cast roles in streaming films, even though they spend almost 50% of their TV time on streaming platforms. [772dc9a8]
Ana Valdez, CEO of the Latino Donor Collaborative (LDC), emphasizes the need for better representation as a business imperative, arguing that the media industry must adapt to reflect the diversity of its audience. Sol Trujillo, Co-founder of LDC, further highlights the economic potential of appealing to Latino audiences, suggesting that increased representation could lead to greater financial success for media companies. [772dc9a8]
The Latino purchasing power is now at $3.78 trillion, with a labor force participation rate of 68%. The Latino workforce is crucial to the U.S. economy, accounting for three-quarters of workforce growth. As Latinos increasingly attain higher education—with bachelor’s degree attainment rising from 8.9% to 13.6% from 2010 to 2022—their representation in media becomes even more critical. The Latino Donor Collaborative is set to release its 2024 Official LDC U.S. Latino GDP Report on September 12, 2024, which will further explore these themes and the contributions of Latinos to the economy. [b41bb46b]
The International Labor Organization (ILO) has also called for urgent measures to address gender inequalities that hinder women's full participation in the workforce across Latin America, reflecting a broader need for inclusivity in various sectors, including media. [bac6622e]
Additionally, the Latino community faced challenges during the COVID-19 pandemic, comprising nearly half of Clark County's cases. John Tuman criticizes anti-immigration rhetoric, citing Stanford research that debunks links between immigration and crime, while Vice President Kamala Harris has blamed former President Trump for obstructing immigration reform. [a2127a26]
Recent data underscores that Latinas' economic output now surpasses Florida's entire economy, further solidifying their role as a driving force in U.S. economic growth. This remarkable achievement highlights the increasing importance of Latina contributions to the national economy, which ranks behind only California, Texas, and New York. [8ce07c6f]