By 2020, Latinos will be responsible for almost 25% of the GDP Growth.
CNN just published a story that outlines just how critical Latinos are for the Economy of the United States. According to a new study by the Latino Donors Collaborative, the Latino population in the US was responsible for 11.8% of the GDP in 2015.
To put this into perspective, Octavio Blanco from CNN Money used a great analogy:
“If the U.S. Latino GDP was considered an economy of its own, it would have been the seventh-largest in the world in 2015 — just behind France and ahead of India, the researchers found. In terms of GDP growth between 2010 and 2015, U.S. Latinos came in third, behind China and India.”
Latinos are not only a key consumer group for the US Economy; they also represent a powerful engine for job creation and entrepreneurship. Like other immigrant communities, many Hispanic families have entrepreneurship in their blood. Some come to the United States with the idea of establishing a new business or setting up an extension a business from their home country. Others simply find the right climate and opportunity to be their own bosses for the first time. Regardless of how it happens, the Latino population is a vibrant, diverse and energetic community that is growing not only in numbers but also in its impact to the US economy.
If you are ready to take the next step and become an entrepreneur, we can help you to find a great business for sale and guide you though the entire acquisition process. What are you waiting for? Contact us today!