(CNN Spanish) – Latinas contributed $1.3 trillion to the U.S. economy in 2021, according to new research, which shows how in just a decade their contribution more than doubled, growing at a much faster rate than that of non-Hispanic women.
The contribution of Latina women in that single year was greater than that of every state economy except California, Texas and New York, she says. The new Latino GDP report led by researchers at California Lutheran University and UCLA, and funded by Bank of America.
From 2010 to 2021, their contribution to GDP grew by 51.1%, a percentage well above that recorded by non-Hispanic women in the same period (19.8%).
The research “reveals that Latinas are outperforming their gender and ethnic peers on key economic measures, including record levels of Latina labor force participation, educational attainment, and income growth. It reveals that Latinas are the engine of much-needed economic vitality for the nation,” said Dr. Matthew Fienup, one of the study’s leaders, from California Lutheran University.
From 2010 to 2021, the percentage of Hispanic women in the workforce grew by 32.9%, compared to 2.7% growth among non-Hispanic women, the report says. Since the first year of the study, Hispanic women are responsible for just over 30% of the workforce growth even though they represent about 9% of the population.
“The American Latinas who reach adulthood and enter the U.S. workforce are overwhelmingly second- and third-generation Americans. These daughters and granddaughters of immigrants combine the extraordinary, selfless work ethic of their elders with the rapid growth of human capital to give life to the American economy,” said Dr. David Hayes-Bautista of UCLA and one of the authors of the study.
In addition, the educational level of Latinas is also growing significantly above that of non-Hispanics: in the 10 years covered by the study, the number of Latinas with a bachelor's degree or higher education increased by 103%, above the 38.3% of non-Latinas.
From 2010 to 2021, in addition, the real income of Latinas in the U.S. grew by a total of 46% compared to only 18.5% for non-Hispanic women.
However, there is still a long way to go. According to the National Women's Law Center (NWLC), Latinas in the U.S. receive only 57 cents for every dollar paid to non-Hispanic white men. The difference of 43 cents per dollar translates into a negative gap of US$30,450 in their annual earnings. Over a 40-year career, this translates into a loss of around US$1,218,000.
For women it is a greater challenge in a disadvantageous context for the Latino community. The study “More than a monolith: the advancement of Hispanic and Latino talent,” from the nonprofit think tank Coqual, notes that while Hispanics and Latinos make up 19% of the U.S. population, they only represent about 8% of the professional workforce. And within U.S. companies, only 10% of managers and 5% of executives identify as Hispanic or Latino.
With information from Juan Carlos Paz and Jeanne Sahadi
