The U.S. Latino economy reached $4.4 trillion in 2024, surpassing Japan to become the fourth-largest gross domestic product in the world, according to a report announced today by researchers at UCLA and California Lutheran University.
The findings are part of the 2026 U.S. Latino GDP Report, which is scheduled for full release in May.
Researchers said Latino economic output not only grew in size but also outpaced broader U.S. economic growth, with real Latino GDP increasing 6.4% in 2024 compared to 2.4% for non-Latino GDP.
“New data indicate that the U.S. Latino GDP was not only larger and growing faster in 2024, but it shattered records for economic vibrancy,” Dr. David Hayes-Bautista, UCLA professor and co-author of the report, said in a statement. “Latinos are key to a bright future for the United States.”
The report found that Latinos now account for one in five U.S. residents, with a population exceeding 68 million. The Latino labor force reached 35.1 million in 2024, growing significantly faster than the non-Latino workforce.
“Now surpassing the GDP of Japan, the U.S. Latino GDP illustrates just how vital Latino strength and resilience are for the nation’s economy,” said Dr. Matthew Fienup, executive director of the Center for Economic Research & Forecasting at Cal Lutheran and a co-author of the report.
Researchers said strong population growth and high labor force participation rates have been key drivers of the expansion.
“The strong labor force growth demonstrates a Latino demographic resilience that has truly driven the country’s overall economic growth,” said Dr. Paul Hsu of UCLA.
The report is part of an ongoing research series examining the economic contributions of Latinos in the United States.
