Latinos Drive Record $3.2 Trillion Contribution to U.S. Economy, Now 5th Largest in World

Latinos contributed $3.2 trillion to the U.S. economy in 2021, crossing the $3 trillion threshold for the first time.
The U.S. Latino GDP is now the 5th largest economy in the world.
Latinos are spread across a wide range of industries, with finance, insurance and real estate being the largest sector.
Without Latinos, the U.S. labor force would implode, per California Assembly Speaker.
A new UCLA report next year will show the huge impact Latina women are making on the U.S. economy.

abc7.com

Relevant topic timeline:

8/20/2023

Mexico replaced China as America's top trade buddy — and it shows how the global economy is rapidly transforming

### Summary Mexico has become the top trading partner of the United States, surpassing China and Canada, with trade reaching $263 billion in the first four months of this year. This shift reflects an accelerated move towards "nearshoring" and regional trade, driven by factors such as increased protectionism and the desire for faster delivery times. ### Facts - 🇲🇽 Mexico has overtaken China and Canada as the top trading partner of the US since the start of the pandemic. - 🌍 The $263 billion worth of goods traded between Mexico and the US in the first four months of 2021 accounted for 15.4% of total US trade. - 🌎 In comparison, trade totals with Canada and China were 15.2% and 12% respectively. - 🚚 The practice of "nearshoring," where countries bring supply chains closer to home, has gained momentum, driven by factors such as increased protectionism and the demand for faster delivery times. - 📉 The economic chaos of 2020 continues to shape the world economy, with regional trade and nearshoring becoming more prominent. Please note that the article also mentions the improving relationship between the US and China, as well as the potential for growth in trade between Mexico and the US. However, these points are not included in the bulleted facts above.

8/23/2023

Analysts predict 2.9% GDP growth in Mexico this year

Mexican economy is forecasted to grow by 2.9% in 2023, while the Mexican peso is expected to trade just under 18 to the US dollar by the end of the year, according to a survey of analysts by Citibanamex.

9/6/2023

10 richest nations that are participating in G20 Summit

The USA is currently the world's largest economy with a GDP of over $23 trillion, followed by China, Japan, Germany, and India.

9/18/2023

Spain's Post-COVID Economic Growth Surpasses Expectations

Spain's post-COVID economic growth has exceeded expectations, with GDP rising by 5.8% in 2022 and 6.4% in 2021, higher than previous estimates, due to new economic data and challenges in measuring economic activity during the pandemic, according to the Institute of National Statistics (INE).

10/3/2023

Latinos' Growing Clout Reshaping Housing Market Despite Challenges

The growing Latino population in the US, with a projected increase to 100 million in the next 20 to 25 years, will have a significant impact on the housing industry, as this demographic generates a large amount of economic activity and will make up a larger share of homebuyers. However, Latinos face various barriers to entry, including lower homeownership rates, lower incomes, and affordability challenges. Efforts are being made to provide resources and programs to support Latino access to homeownership opportunities.

10/26/2023

U.S. Economy Grows at Fastest Pace Since 2021 Despite High Inflation and Rising Rates

The U.S. economy grew more than twice as fast in the third quarter, despite rising interest rates, with strong consumer spending and exports contributing to the growth, according to the latest GDP figures. However, Americans remain unhappy about the economy, likely due to lingering effects of high inflation.

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Posted 9/27/2023, 12:48:08 AM