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Every day, we experience the impact Hispanics have made in our culture, whether it’s through food, sports, business, politics, science, education and the arts, One of the most important and lasting impacts, which is often overlooked, is the role the Hispanic community plays in accelerating economic growth.
The recently released U.S. Latina GDP Report, funded by Bank of America, reveals a powerful truth: Latinas are a driving force in the U.S. economy, contributing $1.3 trillion to the GDP in 2021.
In fact, Latina economic output has grown over 50% in a decade – far outpacing the growth rate of any other segment. Today, the Latina GDP is larger than the entire economy of Florida, which is larger than the economies of every state except California, New York and Texas.
This rapid rise reflects the resilience, hard work and entrepreneurial spirit of Latinas across the country. Here in Knoxville, Latinas average about 70% of the aspiring entrepreneurs in our small business programming, and have developed and launched endeavors from bakeries and cultural artisanry to custom-made signs and food truck distribution. Last year alone, Centro Hispano de East Tennessee’s Grandes Sueños en Pequeñas Empresas (Big Dreams, Small Businesses) helped establish 23 new businesses and so far in the 2023-2024 fiscal year, has helped to create 15 more. With rigorous programming centered on best business practices for stable and sustainable businesses, Centro Hispano is empowering Latina entrepreneurs to drive local growth and fuel the economic engine of our region.
When it comes to college education, the number of Latinas with a bachelor’s degree or higher education increased 103% between 2010 and 2021, while the number of highly-educated non-Hispanic females increased only 38.3%. And despite being just 9.3% of the U.S. population, Latinas are responsible for 30.2% of the U.S. labor force growth since 2010.
Through this increased educational attainment and powerful entrepreneurial mindset, Latinas continue to build thriving businesses that uplift their local communities, propel economic mobility and create generational wealth. They provide valuable services and act as role models, showing the next generation what is possible with dedication and opportunity. By reinvesting in their neighborhoods and supporting each other, they are creating more resilient local economies.
We celebrate the significant role Latinas play in our nation’s economic growth, and we applaud the women who are strengthening our city, local communities and beyond.
These women are not just contributing to the economy; they are giving life to it.
Terry Cline, Market President, Bank of America and Claudia Caballero, President & CEO, Centro Hispano de East Tennessee