About the 2023 U.S. Latino GDP Report
The U.S. Latino Gross Domestic Product (GDP) Report provides a factual view of the large and rapidly growing economic contribution of Latinos living in the United States. Gross Domestic Product (GDP) is a broad measure of economic activity, representing the value of all finished goods and services produced within a geographic area in a given year. GDP growth is a nearly universal summary statistic for the performance of an economy. In addition to being an important summary statistic, we care about GDP growth for its own sake, as growing GDP, or economic growth, results in rising wages, higher standards of living and greater economic opportunity.
In this 6th annual publication, we estimate the U.S. Latino GDP by first making Latino-specific calculations of major GDP components decomposed across more than 70 expenditure categories. This is a detailed, bottom-up construction of the total economic impact of Latinos, one that
leverages publicly available data from major U.S. agencies, including the U.S. Bureau of Economic Analysis (BEA), the Bureau of Census, and the Bureau of Labor Statistics. The core building block is the BEA’s Input-Output (I-O) Table, which is the foundation for the national income accounting system. At the time of writing, the most recent year for which the I-O Table was available is 2021. As such, this year’s report provides a snapshot of the total economic contribution of U.S. Latinos in that year. However, this report harnesses a wealth and wide variety of economic, demographic, financial, health, and geographic data to provide a comprehensive and detailed analysis of the contributions of U.S. Latinos.