U.S. Latinos are already one of the biggest forces shaping the future of the American economy.
The 2026 LDC U.S. Latino Economic Impact Report: Part One, produced with research partner the W. P. Carey School of Business at Arizona State University and grounded in data from the U.S. Department of Commerce, Census Bureau, and Bureau of Labor Statistics, shows that in 2024, the U.S. Latino economy reached $4.4 trillion. If measured as its own country, it would be the fourth-largest economy in the world. Between 2019 and 2024, it grew at an annualized 5.4%; more than double the 2.4% U.S. rate, and faster than any major economy on earth, including China. Even though Latinos make up about one-fifth of the U.S. population, they drove 28.2% of all U.S. economic growth in 2024, showing that their impact is far bigger than their population share alone.
The report also shows that this is not just about population growth. Latino income, spending, business ownership, and household formation are all growing quickly. U.S. Latino Gross Domestic Income reached $3.4 trillion in 2024, while Latino household consumption reached $2.8 trillion. From 2019 to 2024, Latino household consumption grew nearly three times faster than non-Latino consumption, and in 2025, Latino households accounted for 92.6% of all new household formation in the U.S. and 51% of Latino households were homeowners. That matters for almost every major industry, from housing and banking to retail, media, and consumer brands.
A major reason for this growth is that U.S. Latinos are younger, increasingly active in the workforce, and starting businesses at high rates. In 2024, Latinos accounted for roughly two-thirds of U.S. working-age population growth. Latino-owned employer businesses now number 5.7 million and are forming at more than 2.5 times the national average. This growth is concentrated in specific places and communities: local Latino economies reached $1.1 trillion in California, $820 billion in Texas, $444 billion in Florida, and $329 billion in New York, and Latinos of Mexican descent alone, 57% of all U.S. Latinos, account for $2.3 trillion of this economic output. These numbers show that the Latino economy is growing because of workers, consumers, entrepreneurs, and families building wealth over time.
For CEOs, investors, policymakers, marketers, and anyone trying to understand where the U.S. economy is headed, this report makes the point clearly: you cannot understand America’s economic future without understanding U.S. Latinos. Download the full report here to see how the data replaces assumptions with facts and shows that Latinos are not a side story in the U.S. economy, but are central to its growth.
The report’s findings were featured on CNBC’s Squawk Box, where Sol Trujillo, Chairman and Co-Founder of the LDC, discussed what the data means for investors and policymakers assessing where U.S. economic growth is headed.