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People seen holding Puerto Rican flag during the annual Puerto Rican Day Parade on 5th Avenue in New York City.<\/p>\n
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U.S. Latino immigrants accounted for $1.6 trillion in GDP in 2023, according to a new research report by the Latino Donor Collaborative<\/a>, contributing to an overall purchasing power for U.S. Latinos of $4.1 trillion. The 2023 data is the most recent year included in the study.<\/p>\n U.S. Latino GDP, measuring the economic impact of the cohort, was up 50% in 2023 from 2015, boosted by increasing education, entrepreneurship and labor force participation, said economists with Arizona State University, who conducted the research. For comparison, the estimated GDP of non-Latinos in the U.S. grew by 17% over the same time frame.<\/p>\n The report comes as the Trump administration is charging ahead with an unprecedented effort to\u00a0remove\u00a0undocumented immigrants\u00a0from the U.S.<\/a><\/p>\n California\u2019s economy alone saw $989 billion of Latino GDP in 2023 and is projected to surpass a trillion dollars in 2025, according to the report. Texas, Florida and New York each also have Latino GDPs worth hundreds of billions of dollars.<\/p>\n And Latino spending is making up a larger share of the overall economy.<\/p>\n As baby boomers age, their share of spending declines by about 4% annually, according to the report, and U.S. Latinos are poised to fill the spending gap. Their share of U.S. consumption is growing by more than 3% annually. Actual consumer spending is up nearly 5% annually compared with 2.4% for non-Latinos, driven by population changes and rise in disposable income.<\/p>\n \u201cIt\u2019s very clear \u2014 if there\u2019s a silver bullet for the economy beyond AI, it\u2019s the Latino consumer. They are workers, entrepreneurs and consumers, driving significant growth across sectors in the American economy, \u201d said Sol Trujillo, co-founder of the Latino Donor Collaborative and chairman of the Trujillo Group.<\/p>\n \u201cThe velocity of the rise of brands that are marketing to us Latinos as their mainstream customers should be a wake-up call to every CEO and CMO, \u201d said Beatriz Ace vedo, CEO and co-founder of Suma Wealth on stage Wednesday at Velocity, an economic conference in Los Angeles where the Latino GDP report was presented.<\/p>\n Acevedo highlighted companies that have seen their growth accelerate along with their share of American Latino customers:<\/p>\n\n