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Latinos in America celebrated their Labor Day: why are they so important to the economy of Florida and the United States?

The economic power of Latinos in the United States is nothing short of remarkable. According to a recent study by the Latino Donor Collaborative, a non-governmental organization, and Wells Fargo bank, Latinos in the United States would rank as the fifth-largest economy in the world if they were a separate country. This is a testament to the diversity of the workforce and the strength of the manufacturing industry in the United States, which has been the largest economy in the world since 1871. Furthermore, the U.S. dollar is the most widely used currency for global transactions.

Miami has the largest percentage of Hispanic population among U.S. cities, with 68.6% of its metropolitan area residents identifying as such. This growth has been particularly noticeable in 2021 and 2022. According to the U.S. Census Bureau, nearly 60 million people of Hispanic or Latino origin resided in the United States in 2020, and this number continues to rise post-pandemic.

The economic contribution of Latinos in the United States represents the world's fifth-largest gross domestic product (GDP) and the third-fastest-growing among major economies. This information is critical for Florida, which is emerging as a new global economic hub. The Latino community's GDP in the United States in 2020 was $2.8 trillion, which would be the fifth-largest in the world if it were an independent country, behind the United States, China, Japan, and Germany.

This means that the economic activity of Latinos, who represent nearly 19% of the U.S. population, was greater than that of the United Kingdom, India, or France, according to the report. What is even more impressive is the fast-paced growth of the GDP of Latinos in the United States. According to the study by Dan Hamilton and Matthew Fienup of the California Lutheran University, and David Hayes Bautista and Paul Hsu of the University of California, Los Angeles, "The Latino GDP is still more remarkable for its rapid growth. Latino Americans are the second-largest population group in our country. They are also growing in population number while the non-Latino white population is declining. Their most common age is eleven years old, compared to 58 for non-Latino whites, 27 for African Americans, and 29 for Asian Americans. The combination of population size and growth, youthful age, and dramatic growth in educational achievement has created an ideal formula for growth".

In Miami, the Latin workforce and its production contribute to the growth of the economy every day.

Happy Workers' Week!

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