By Kristi Marcum and Alexandra Chavez
Hispanic Heritage Month provides an opportunity to reflect on the impact Hispanics have made in our culture every year. Whether we recognize it or not, we experience this impact year-round through our food, sports, business, politics, science, education and the arts. Yet, one of the most important and lasting impacts that isn’t often celebrated is the role the 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.
Kristi Marcum, left, and Alejandra Chavez
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 El Paso, these statistics are evident in the contributions of Latina business owners who are driving our local economy and revitalizing our community.
El Paso has long been recognized for its vibrant Mexican-American culture that is reflected throughout the city’s tradition and economic landscape. With 81% of the population identifying as Hispanic or Latino, the city is home to 15,000 small businesses with 56% of those being minority owned. From cultural landmarks like family-owned restaurants to innovative startups, Latina business owners are preserving the heritage of our community while fueling economic growth.
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.
In El Paso, we honor our Hispanic heritage every day, but especially as we celebrate Hispanic Heritage Month and the significant role Latinas play in our nation’s economic growth, 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.
Kristi Marcum is president of Bank of America El Paso and Alexandra Chavez is market executive for Bank of America El Paso.
The post Opinion: U.S. Latinas are giving life to the El Paso economy and should be celebrated appeared first on El Paso Matters.
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