The Gross Domestic Product (GDP) of the Latino population of the New York metropolitan area was $200,900 million dollars, an amount larger than the economies of Utah or Kansas.
This is revealed by a new report published by the professors Matthew Fienup, David Hayes-Bautista, Paul Hsu and Dan Hamilton financed by Bank of America.
“The large and rapidly growing economic contributions of Hispanic-Latino residents in the New York metropolitan area are driven by rapid gains in human capital, a strong work ethic, and a healthy profile. positive”, highlights the report.
The New York Metropolitan Area Latino GDP Report for 2022 was published by Lutheran University of California and the Center for the Study of Latino Health and Culture at UCLA.
The experts identified the five main sectors of Latino GDP in the New York metropolitan area: Finance and Real Estate ($ 47,500 millions); Professional and Business Services ($22,200 millions); Government ($22,300 millions); Education and Health ($17,800 millions); and Leisure and Hospitality ($16,400 millions).
“The largest component of Latin GDP… was personal consumption, with a total of more than $47,400 million in 2018″, indicates the analysis .
This is the first report of its kind, which provides a perspective of the contribution of Hispanics -Latinos to the economy. The data from 2018 were taken into account, because it was the last year in which they were available, it was indicated.
“It is not a secret how important and impactful the economic contribution of our Hispanic-Latino workforce is to New York City and the metropolitan area,” said José Tavarez, President of Bank of America New York City. “The report provides new insights into the economic contributions of Hispanic-Latino New Yorkers and confirms that this population is a driving force at the local level.”
Dr. Hayes-Bautista indicated that this population has allowed the increase in homeowners, otherwise this item would have decreased from 2010 to 2018 .
“The strong contributions of Latinos outweighed the declines among non-Latinos and contributed to these economic variables being positive throughout the metropolitan area between 2010 and 2018”, he noted.
The Metropolitan Statistical Area (MSA) of New York, Newark and Jersey City was the largest in the United States with 20 million people of all ethnicities with 4.9 million Latinos.
“The Latinos are growth drivers of the New York metropolitan area economy and a f important source of economic strength and resilience”, considered Dr. Matthew Fienup.
If Latinos living in the US were an independent country, their GDP would be the seventh largest in the world, the report limits the economic power of this population throughout the world. country.
The report highlights the migrant heritage of Latino taxpayers.