Hispanic-Latinos Fuel Chicago’s Economy

Lawndale News Chicago's Bilingual Newspaper - Business

The large and rapidly growing economic contributions of Hispanic-Latino residents in the Chicago metro area are driven by rapid gains in human capital, a strong work ethic, and a positive health profile. This striking combination has led to the 2018 Chicago Metro Latino Gross Domestic Product (GDP) of $97.5 billion, which is larger than the entire economy of the state of Hawaii, according to a new report released by doctors Matthew Fienup, David Hayes-Bautista, Paul Hsu and Dan Hamilton. The findings in the report, The 2022 Chicago Metro Latino GDP Report, were revealed yesterday during the L’Attitude Chicago Business Summit at the Bank of America Chicago Headquarters. Published by California Lutheran University and UCLA Health and funded by Bank of America, the report identified the Chicago Metro’s top five Latino GDP sectors, which are Education and Healthcare ($14.1 billion); Professional and Business Services ($11.1 billion); Durable Goods Manufacturing ($9.8 billion); Finance and Real Estate ($9.3 billion); and Leisure and Hospitality ($8.9 billion). Additionally, the largest component of the Chicago Metro’s Latino GDP was consumption, totaling approximately $73.0 billion in 2018. The analysis includes GDP calculations by industry, as well as detailed analysis of age distribution, labor force participation, income growth, and homeownership.  The U.S. Latino GDP is striking. The total economic output of Latinos in the United States was $2.6 trillion in 2018. If Latinos living in the U.S. were an independent country, their GDP would be the eighth largest in the world. In addition, the U.S. Latino GDP is most noteworthy for its extraordinary growth. Latino GDP grew a remarkable 74 percent faster than non-Latino GDP in the United States from 2010 to 2018.

Lawndale News Chicago's Bilingual Newspaper - Business

Lawndale News Chicago's Bilingual Newspaper - Business

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