.png)
Latina Women Contribute $1.3 Trillion to the U.S. Economy in 2021
According to a new study, the impact of Latina women contributed $1.3 trillion to the U.S. economy in 2021. This contribution has more than doubled over the past decade, growing at a much faster rate than that of non-Hispanic women.
The Latino GDP report, conducted by researchers from California Lutheran University and UCLA, and funded by Bank of America, reveals that the contribution of Latina women in 2021 surpassed that of all state economies except for California, Texas, and New York.
GDP Growth
From 2010 to 2021, the contribution of Latina women to the GDP grew by 51.1%, far exceeding the 19.8% recorded by non-Hispanic women during the same period. According to Dr. Matthew Fienup, one of the study's authors, "Latinas outperform their peers in key economic indicators, such as labor participation, educational achievements, and income growth, becoming a vital engine for the nation's economy."
Increase in the Labor Force
The percentage of Hispanic women in the labor market increased by 32.9% from 2010 to 2021, in contrast to the 2.7% growth among non-Hispanic women. Despite representing only 9% of the population, Latina women have accounted for over 30% of the workforce growth during this period. Dr. David Hayes-Bautista noted that these women, mostly second- and third-generation Americans, combine the strong work ethic of their ancestors with a growing human capital.
Improvement in Education
The educational level of Latina women has also significantly increased: over the last decade, the number of Latinas with bachelor's degrees or higher rose by 103%, surpassing the 38.3% increase among non-Latina women.
Increase in Income
Between 2010 and 2021, the real income of Latinas grew by 46%, compared to just 18.5% for non-Hispanic women.
Persistent Challenges
Despite these achievements, significant challenges remain. According to the National Women's Law Center, Latina women earn only 57 cents for every dollar earned by non-Hispanic white men, resulting in an annual income gap of approximately $30,450. Over 40 years, this could translate to a loss of around $1,218,000.
Additionally, the study "More than a Monolith: The Advancement of Hispanic and Latino/a Talent" indicates that while Hispanics and Latinos make up 19% of the U.S. population, they only represent about 8% of the professional workforce, with only 10% of managers and 5% of executives identifying as Hispanic or Latino.
Sources:Â CNN, Juan Carlos Paz, and Jeanne Sahadi.
Comments