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The contribution of Latinos to the U.S. economy rose to $3.2 trillion in 2021, which would rank fifth in the world if the group were an independent country, just behind Germany and ahead of the UK and India, according to a new report. U.S. Latinos, who have a high workforce participation, population growth, and increased productivity compared to other cohorts, also saw incomes rise. During 2011-2021, the group’s income increase at an annualized rate of 4.7% compared to 1.9% for non-Latinos, according to the 2023 Latino GDP Report, which measures the cohort’s economic output in the country. Latinos made significant contributions to states like California, Texas and New York, but among smaller states, the report’s authors observed “a silent revolution taking place.” In the decade ending in 2021, South Dakota, North Dakota and New Hampshire each saw Latino gross domestic income grow at a real, annual rate of at least 10%.

United statesNorth dakotaSouth dakotaNew hampshireUnited kingdomNew yorkSol trujilloUs census bureauWells fargo coArizona state universityLatino donor collaborativeWells fargo