U.S. Latinas: Driving Economic Growth and Resilience

Silicon Valley Latino is excited to share the Inaugural 2024 U.S. Latina GDP Report revealing the extraordinary impact that Latinas are having on the U.S. economy. With a GDP of $1.3 trillion in 2021—surpassing the entire economy of Florida—U.S. Latinas are not just participants but leaders in economic vitality. From 2010 to 2021, the economic contribution of Latinas grew by an impressive 51.1%, outpacing both Hispanic males and non-Hispanics alike. This growth is fueled by significant strides in education, with the number of Latinas holding a bachelor’s degree increasing by 103% during that period, nearly three times the growth rate of their non-Hispanic counterparts.

The Latina GDP Report was meticulously put together by leading professors at UCLA— David Hayes - Bautista, Ph.D. and Paul Hsu, M.P.H., Ph.D., alongside Dan Hamilton, Ph.D., Principal Investigator, and Matthew Fienup, Ph.D., from California Lutheran University. Their combined expertise ensures that the report provides authoritative and credible data on the rising economic power of U.S. Latinas.

Sylvia Juárez-Magaña, M.P.A, an SVL Advisory Board Member and Latina Business Owner highlights, “What Latinas have done with degrees of all scales, short-term and traditional 4-year, shows the tenacity embedded in the culture and expectation of Latinas in particular. As problem solvers, more often than not, we forge a different path or create a solution to support others and find ways to advance those who may not have a voice.”

Despite the challenges posed by the COVID-19 pandemic, Latinas displayed remarkable resilience, with their GDP growing by 7.7% during the pandemic years, compared to just 1.5% growth in the non-Latina GDP. This resilience is reflected in labor force participation as well, where Latinas saw a growth rate 12.3 times that of non-Hispanic females between 2010 and 2021.

As the funder of the 2024 Latina GDP Report, Bank of America sees similar growth momentum across its lines of business. Raquel González , Bank of America 's president in Silicon Valley and leader of the bank’s Hispanic/Latino Consumer Client Strategy, shared, “We’ve long recognized the strong impact that Latinas have had on the economy—both nationally and here in Silicon Valley, and the entire Bay Area. But until this new Latina GDP report, there wasn’t formal data to support it or put numbers around it. The strong growth trends captured in the report are also reflected with our Bank of America and Merrill’s consumer, business, and wealth clients. It’s findings like this that can help change the economic narrative around Latina women, and highlight just how important they are as a consumer powerhouse and financial decision makers.”

This data underscores the undeniable role of Latinas as drivers of economic growth and resilience—dando vida a la economía.

Read the full study here on the LatinaGDP.US website.