LOS ANGELES — The U.S. Latino economy continues to show its strength, with a recent report revealing that the U.S. Latino Gross Domestic Product (GDP) surpassed the $3 trillion mark for the first time.

What You Need To Know

  • The U.S. Latino Gross Domestic Product (GDP) surpassed the $3 trillion mark for the first time

  • If the Latino population in the U.S. were an independent country, then their GDP would rank as the fifth largest in the world, ahead of economic giants like the United Kingdom, France, and India

  • According to David Hayes-Bautista from the UCLA David Geffen School of Medicine, the U.S. Latino economy is now the fifth-largest in the world, growing even faster than China during the height of the pandemic

  • While many Latin businesses have thrived, there others that have struggled

If the Latino population in the U.S. were an independent country, then their GDP would rank as the fifth largest in the world, ahead of economic giants like the United Kingdom, France, and India.

This growth is striking given the context of the COVID-19 pandemic.

During 2020 and 2021, while many economies struggled, the U.S. Latino GDP expanded at the second-fastest rate globally — only China grew faster. Despite making up just 19% of the U.S. population, Latinos were responsible for 39% of the country’s real GDP growth during this period.

One example of this resilience is Noel Toledo, owner of “Made in Havana,” a Cuban restaurant that opened during the height of the pandemic in 2020.

But despite the risks, Toledo’s business thrived, and within seven months, he moved and opened a second location.

“People thought I was crazy. They thought I wouldn’t make it,” Toledo said. “But when you wake up doing something you love, it doesn’t matter.”

Toledo’s story is an example of the larger trend of Latino entrepreneurship that has been a key driver of economic growth.

According to David Hayes-Bautista from the UCLA David Geffen School of Medicine, the U.S. Latino economy is now the fifth-largest in the world, growing even faster than China during the height of the pandemic.

“Everyone assumed the Latino GDP would collapse, but it didn’t. Latinos stepped up, though they paid the price,” Hayes-Bautista explained.

Yet, the success stories of entrepreneurs like Toledo mask the challenges still facing many Latino business owners.

Martín Tenorio, who owns La Imperial Tortillería in East Los Angeles, has seen his business struggle post-COVID due to rising costs.

“We’re drowning,” said Tenorio. “Everything—food, bills, labor—has gone up so much. It’s usually empty now.”

This dual reality highlights the complexities of the U.S. Latino economy, growth on one side and facing obstacles on the other.

But for entrepreneurs like Toledo, the risk has paid off, showcasing the resilience and drive of Latinos in America.

“If you fail, you fail,” said Toledo. “But if you succeed, your dreams come true.”