BY VANIA PATINO LOS ANGELES
PUBLISHED 9:08 AM PT NOV. 17, 2023
LOS ANGELES — If the 62 million Latinos in the United States were their own country, they alone would make the world’s fifth largest gross domestic product for 2021, according to a report by UCLA.
The report found Latinos had an economic output of $3.2 trillion with their income rising 7% between 2019 and 2021, where it fell by about 1% for non-Latinos.
Contrary to belief that U.S. Latinos only work in blue-collar jobs, the top industry sector for them was in finance and real estate, followed by professional and business services.
This is part of the five million Latino businesses that exist, a number that has been doubling every five years since 1972, according to the report.
Small business owners, such as Diana Martinez, who owns a coffee shop in Los Angeles says the data brings a smile to her face, validating what she already knows about her hard-working community.