Latina women in the U.S. prove to be a significant economic force, contributing $1.3 trillion to GDP

A recent report on the GDP of Latina women in the U.S., funded by Bank of America, highlights significant growth in the economic contribution of this population.

The importance and impact of Hispanic women in the U.S. economy, emphasizing their increasing participation in the workforce, educational achievements, and rising incomes.

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Here’s a summary of the most relevant findings:

Key Findings from the Report

Economic Output:

• GDP Contribution: Latina women contributed $1.3 trillion to the U.S. GDP in 2021, surpassing the economies of every state except California, Texas, and New York.
• GDP Growth: Between 2010 and 2021, the real GDP of Latina women grew by 51.1%, compared to 18.8% for non-Hispanic women. This means the GDP of Latina women grew 2.7 times faster.

Workforce Participation:

• Growth in the Workforce: Between 2010 and 2021, the number of Hispanic women in the workforce increased by 32.9%, compared to 2.7% for non-Hispanic women. Despite representing only 9.3% of the U.S. population, Latina women contributed to 30.2% of workforce growth since 2010.
• Participation Rate: Between 2000 and 2021, the labor force participation rate of Latina women increased by 7.5 percentage points, while the rate for non-Hispanic women remained stable. Latina women are now 2.5 percentage points more likely to be employed than their non-Hispanic counterparts.

Educational Level:

• Higher Education: The number of Latina women with a bachelor’s degree or higher increased by 103% between 2010 and 2021. In comparison, the increase among non-Hispanic women was 38.3%. Latina women are achieving higher education levels 2.7 times faster than non-Hispanic women.

Real Income:

• Income Growth: Between 2010 and 2021, the real income of Latina women grew by 46.0%, while the income of non-Hispanic women increased by 18.5%. This means the income growth of Latina women is 2.5 times higher than that of their non-Hispanic counterparts.

Impact and Outlook

The report highlights that Latina women are not only making significant economic contributions but are also outperforming their counterparts in terms of workforce participation growth, educational achievements, and income increases. This underscores their crucial role in the U.S. economy and how their growth is outpacing that of other groups.

For more details on the study and its methodology, click here.

Image: DiarioNY

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Written by

Federico Rodriguez

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Writes for El Hispano Para Todos, the newspaper of the Latino community of Palm Beach and the Treasure Coast.

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