Latinos have once again powered major growth in the U.S. economy. According to the 2025 U.S. Latino GDP Report, produced by UCLA and Cal Lutheran, the total economic output of Latinos in the United States reached $4.1 trillion in 2023—up from $3.7 trillion in 2022.
To put that in perspective, if the U.S. Latino GDP were its own country, it would rank as the fifth-largest economy in the world, surpassing the United Kingdom, India, and France.
Growth That Outpaces the NationResearchers noted that Latino GDP has consistently grown faster than the broader U.S. economy and even outpaced major global economies, including China. Between 2010 and 2023, Latino GDP increased 2.7 times faster than the non-Latino U.S. GDP.
“This milestone shows just how vital Latino strength and resilience are for the nation’s economy,” said Matthew Fienup, executive director of Cal Lutheran’s Center for Economic Research and Forecasting.
Key Findings from the Report
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Consumer Power: Latino consumption reached $2.7 trillion in 2023, larger than the entire economies of Texas ($2.58 trillion) and New York ($2.17 trillion).
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Workforce Growth: Since 2010, Latinos have contributed 58.7% of all U.S. labor force growth, adding an average of 726,000 workers per year.
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Education Gains: The number of Latinos earning bachelor’s degrees or higher increased by 125% from 2010 to 2023—faster than any other group.
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Population Growth: Latinos accounted for more than half of U.S. population growth over the past decade, adding nearly 1.2 million people in 2023 alone.
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Health Resilience: After COVID-19 became the leading cause of death among Latinos during the pandemic, the community bounced back in 2023. Death rates dropped below those of non-Latinos, restoring what researchers call the “Latino healthy lifestyle advantage.” Life expectancy among Latinos is again about 3 years longer than that of non-Latino whites.
A Driving Force for All Americans
The report highlights that while Latinos make up just 19.5% of the U.S. population, they accounted for 30.6% of national GDP growth between 2010 and 2023.
“A growing GDP benefits all Americans by raising living standards, improving wages, and creating opportunities for mobility,” said Fienup. “Latinos’ hard work, resiliency, and optimism are driving U.S. growth in ways that will pay off for decades to come.”
The U.S. Latino GDP Report, now in its eighth annual release, is part of a larger research initiative tracking Latino contributions nationwide. Recent expansions include detailed reports on specific states like California and Texas, as well as the inaugural Latina GDP Report, underscoring the deep and lasting impact Latinos make across every sector of the American economy.
Why It Matters
This report isn’t just about numbers—it’s about influence and opportunity. For businesses, the data underscores the power of Latino consumers and the importance of connecting with this fast-growing market. For policymakers, it highlights the critical role Latinos play in sustaining U.S. economic growth. And for communities, it’s a reminder that investment in Latino education, health, and opportunity benefits the entire nation.
