The California Latino economy alone would rank as the 21st largest economy in the world, between Poland and Switzerland, according to LDC's analysis.
In Latino emerging markets, South Dakota, North Dakota and New Hampshire have seen a surprising surge, with the highest GDP growth rates since 2011. In South Dakota, the economic impact of Latinos grew at an annual rate of 11.8% in 2021, according to LDC, slightly outpacing its neighbor.
"Businesses operating in these areas must stay ahead of these substantial changes to ensure they remain relevant," LDC noted in the report. "And be able to meet the needs of their evolving customer base."
The report also found that Latinos' wages and salary incomes — totaling $1.67 trillion in 2021 — grew more than those of non-Latinos over the previous decade at an annualized rate of 4.7% compared to 1.9% for non-Latinos.
But despite the rapid growth, a persists in the country, with the average Latino worker earning 80 cents for every $1 earned by white non-Hispanic employees.
Latinos' purchasing power in the U.S. was strong and reached $3.4 trillion in 2021. Collective purchasing power of U.S. Latinos grew between 2.1 and 2.4 times faster than non-Latino counterparts, according to the report.
"In the rest of this century, this cohort is only going to get bigger and bigger," said Trujillo. "So those who want to get in early, think about it. Think about capital and fund structures that could flow."
The findings were released alongside the conference examining the state of Latino leadership, participation and representation in corporate America, as well as in the public, media and entertainment sectors.
The report is based on data from 2021, the most recent year for which information is publicly available. It includes data from the U.S. Census Bureau, the Bureau of Economic Analysis and the Bureau of Labor Statistics, among others.
