The fifth largest economy in the world is no longer Japan. It’s not the UK or France either. It’s right here in the United States of America. The level of growth, expansion and productivity has been nothing short of remarkable for the US economy and burgeoning Artificial Intelligence industry. Latinos residing in the US have actively participated in US economic expansion and output. As a result, the US Latino community was ranked as the world‘s fifth largest economy in terms of economic output tracked through 2023. In terms of an annual economic growth, the figure actually increased to 4.4 trillion making it the fourth largest global economy recently.
So what are the key metrics accounting for such strong, economic data? Well, it comes down to a few things. According to the data collected by Latino donor collaborative (LDC), growth was attributed to several factors. Some of the leading contributors included:
- Latino purchasing power
- Gross income
- Labor force density
Growth velocity was also impressive at an average rate of 4.4% expanding twice as fast as the non-Latino US community. Certain areas experienced significantly more growth than others. In particular manufacturing ranked at $547 billion USD, public Administration came next at $448 billion and finally real estate at $340 billion. Out of all the sectors, real estate demonstrated the most significant growth at 23% year-over-year. With numbers like that it’s hard to ignore the impact Latinos are having on the US economy. As far as consumers go, the US Latino consumer has an annual consumption spending of $3 trillion with a purchasing power of over $4 trillion. Given this, it’s no surprise it would rank as one of the largest economies in the world. It’s a clear demonstration of the potential of US economic growth — Independent of political views or individual bias.
