With resilience and grit, Latinas are changing the game when it comes to driving economic growth. In the recently released and first-of-its-kind U.S. Latina GDP Report, sponsored by Bank of America, data shows that Latinas in the U.S. contributed more than $1.3 trillion in gross domestic product (GDP) in 2021. That is 50% growth over the past decade, including the COVID pandemic. From 2010 to 2021, U.S. Latina GDP grew at 2.7 times the rate of the GDP of Non-Hispanics.

The data from leading researchers indicates that female Hispanics in the U.S. have significantly and rapidly contributed to the growing economy. In fact, the Latina GDP is larger than the economy of the entire state of Florida.

“Following notable reports on U.S. and Metro Area Latino GDP, this new report provides much needed attention to the extraordinary contributions of U.S. Latinas. This research reveals that Latinas outpace their gender and ethnic peers in key economic measures, including record levels of Latina workforce participation, educational attainment, and income growth. It reveals that Latinas are drivers of much-needed economic vitality for the nation,” said Dr. Matthew Fienup, Ph.D., California Lutheran University.

While the U.S. Latina GDP report did not include Texas-specific data, it is well known that Hispanics have become the largest demographic group in the Lonestar State – with over 310,000 Hispanic or Latinos living in Austin, or 32%, and more than 11.4 million in Texas, or 39% of the total population. We’re officially a majority minority state, which is a good thing for boosting economic growth.

The key findings in the U.S. Latina GDP Report include:

Economic Output

-The total economic output of U.S. Latinas is $1.3 trillion in 2021, up from $661 billion in 2010, and larger than the economies of all other states except California, Texas and New York.

-From 2010 to 2021, real U.S. Latina GDP increased a total of 51.1% compared to only 18.8% for non-Hispanic GDP. In other words, the GDP of U.S. Latinas is growing 2.7 times faster.

Labor Force Participation

-From 2010 to 2021, the number of Hispanic females in the U.S. labor force grew a total of 32.9% compared to only 2.7 percent for non-Hispanic females. Despite being just 9.3% of the U.S. population, Latinas are responsible for 30.2% of the growth of the U.S. labor force since 2010.

-From 2000 to 2021, the Latina labor force participation rate increased 7.5 percentage points, while the rate for non-Hispanic females was flat. U.S. Latinas, who started the century with a participation rate a full 5.0 percentage points lower, are now 2.5 percentage points more likely to be actively working than their non-Hispanic female counterparts.

Educational Attainment

-The number of Latinas with a bachelor’s degree or higher education increased 103% between 2010 and 2021, while the number of highly-educated non-Hispanic females increased only 38.3%. Latina educational attainment is growing 2.7 times faster than that of non-Hispanic females.

Real Income

-From 2010 to 2021, the real incomes of U.S. Latinas grew a total of 46.0 percent compared to only 18.5 percent for Non-Hispanic females. In other words, Latina income growth is 2.5 times that of their Non-Hispanic female counterparts.

“U.S. Latinas coming of age and entering the U.S. labor force are overwhelmingly second- and third-generation Americans. These daughters and granddaughters of immigrants are combining the extraordinary and selfless work ethic of their elders with rapid growth of human capital to give life to the U.S. economy,” said Dr. Hayes Bautista, Ph. D, UCLA Geffen School of Medicine.

I’ll leave you with this impactful final data point: In almost every case, the economic growth premium enjoyed by Hispanic females is even larger than the already impressive premium for all Hispanics. Therefore, it is not enough to say that U.S. Latinas are drivers of economic growth and a critical source of resilience for the broader economy. They are true drivers of economic vitality and are giving life to the U.S. economy, or as we’d say in Spanish, dando vida a la economía.