Home New mexico economy New reports cite significant Latin American contributions to state and US economies

New reports cite significant Latin American contributions to state and US economies

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A new report from Bank of America says Latinos contributed $ 92 billion to Arizona’s gross domestic product.

Contributions are largest in education and health (16.9% of Arizona’s Latin American GDP), finance and real estate (12.9%), and professional and business services (11, 8%).

There are eight states in the United States that are home to roughly three-quarters of the Latin American population (Arizona, California, Florida, Illinois, New Mexico, New York, and Texas). These states have a Latin GDP of $ 2 trillion. According to the study, if this figure were separated into a full-fledged country, this GDP would be eighth in the world, above Brazil and South Korea.

Compared to the 10 largest GDPs in 2018, Latin America’s GDP has grown the fastest, maintaining a pace 21% faster than that of India and 30% faster than that of China. If the Latino population of the aforementioned eight states were a single state, it would produce a state GDP that would be second after California.

The biggest impact comes from Latino’s personal consumption, which totaled over $ 60.7 billion in 2018 alone.

Latinos also make significant contributions to the state outside of the economy. The Latin American workforce has grown at a rate “almost 7.5 times faster than the non-Latin American workforce”.

An additional study published by Merrill Lynch Wealth Management assessing why Latinos have such a disproportionate economic impact found that, along with the growth shown in the Bank of America study, the growth of the affluent Latin American community outstrips the growth of the wealthy general population. .

Wealthy Hispanic / Latino households have grown 81% since 2015, while the general population has seen an increase of 53%.

Much of the study’s findings focused on increased family presence. Based on a representative sample of 512 affluent Hispanic / Latino households, the study found that family is a key motivator in creating financial stability.

More than a third of affluent Hispanics say supporting their families is a top motivator. In addition, they are three times more likely than the general population to be motivated by the desire to make their family proud.

The testimonies included in the report include stories of both first and second generation immigrants. Daisy Zuccardi, a first generation immigrant, said: “I am very grateful to the people who helped me when I first came to this country. So I would like to give back, ”a common sentiment echoed in many interviews.

Both studies predict that the identified trends will continue for some time.

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