That's higher than the entire economies of the states of Maine and North Dakota, Bank of America's 2023 Latino GDP report found.
Latinos contributed at least $65.1 billion to the Phoenix-area economy, according to a new report measuring the gross domestic product of the region's fastest growing demographic group.The report
The Phoenix metro area is made up of 4.9 million people and is the 9th largest metro area in the U.S. Latino population growth in the Phoenix metro area is two times greater than non-Latinos. Latino work force participation is four times that of non-Latinos. And household formation and homeownership growth is three times that of non-Latinos, Fienup said.A national bank just created a new special purpose credit program to help Black and Latino individuals and families become first-time homeowners.The Latino GDP for the entire state of Arizona is $91.7 billion, Fienup said.
The Latino GDP was the single fastest growing among the world’s 10 largest GDPs in 2018, the report said. Latino real GDP grew 21% faster than India’s and 30% faster than China’s.In cities and states with large or fast-growing Latino populations, rapid economic growth is driven by rapid population and labor force participation of Latinos, many of whom came to the U.S. as immigrants, said David Hayes-Bautista, another co-author of the report.
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