Every so often, a report comes along that forces us to rethink what we believe about the American economy.
The Latino Donor Collaborative’s 2026 U.S. Latino Economic Impact Report is one of those reports. The data tells a story that is both remarkable and impossible to ignore.
For years, conversations about the Hispanic and Latino community have often centered on demographics, immigration, education, or cultural influence. While those discussions remain important, the latest economic data reveals another reality:
The Latino community has become one of the most powerful economic engines in the United States.
According to the Latino Donor Collaborative, the U.S. Latino economy generated $4.4 trillion in gross domestic product in 2024. If measured as an independent nation, the U.S. Latino economy would rank as the fourth-largest economy in the world, larger than the economies of Japan, India, the United Kingdom, France, and Canada.
Perhaps even more impressive, the report found that the Latino economy grew at an annualized rate of 5.4% between 2019 and 2024, significantly outpacing the overall U.S. growth rate during that same period. Americans of Latino heritage now account for approximately 20% of the U.S. population, yet generated 28.2% of the nation’s economic growth in 2024.
These are not simply statistics.
They represent entrepreneurs who opened businesses, workers who advanced their careers, families who purchased homes, consumers who fueled demand, and communities that continued investing in their future.
And nowhere is that growth story more visible than in our own region.
The New York and New Jersey Story
As someone who has spent decades working with entrepreneurs, nonprofit organizations, chambers of commerce, educational institutions, and community leaders throughout New York and New Jersey, I have witnessed firsthand the determination and resilience that drive economic growth.
The latest data confirms what many of us have already seen on the ground.
According to the Latino Donor Collaborative, New York’s Latino economy generated approximately $329 billion in GDP in 2024. New Jersey’s Latino economy generated approximately $158 billion in GDP. Together, Latino economic activity in our two neighboring states accounts for nearly half a trillion dollars in annual economic output.
Think about that for a moment.
Nearly half a trillion dollars.
Not from a single corporation.
Not from a single industry.
But from millions of individuals contributing through entrepreneurship, employment, innovation, homeownership, spending, investing, and community leadership.
The report also found that Latino communities were responsible for 36% of New York’s economic growth, demonstrating an economic impact that far exceeds what many people might assume.
These are not marginal contributions.
These are foundational contributions.
Why This Matters
Too often, discussions about economic development focus exclusively on major corporations, Wall Street, public policy, or large-scale infrastructure investments.
Those factors matter.
But economic growth also happens one entrepreneur at a time.
It happens when a family opens its first restaurant.
It happens when a contractor hires a new employee.
It happens when a startup founder takes a chance on an idea.
It happens when a community organization helps someone obtain the skills, mentorship, or network necessary to succeed.
Throughout my career, I have had the privilege of working with thousands of business owners and aspiring entrepreneurs. Many arrived with little more than determination, talent, and a dream.
Some became successful business leaders.
Some created jobs.
Some became community advocates.
Others became mentors themselves, helping the next generation succeed.
That is how economic ecosystems are built.
Not through statistics alone, but through people.
An Opportunity for Leaders
The findings of the Latino Donor Collaborative report should serve as a call to action for business leaders, policymakers, educational institutions, investors, nonprofits, and community organizations.
If one of the fastest-growing economic forces in America is already generating $4.4 trillion in GDP and driving a disproportionate share of national growth, then investing in Latino entrepreneurship, workforce development, education, and leadership is not charity.
It is smart economic policy.
It is smart business.
And it is an investment in America’s future competitiveness.
The next generation of innovators, founders, executives, and job creators is already here.
The question is whether we are creating enough pathways for them to succeed.
Looking Ahead
New Jersey has grown into a more than $900 billion economy, while New York remains one of the world’s most influential economic centers. Our region’s future prosperity will depend on our ability to continue developing talent, encouraging entrepreneurship, and expanding opportunity.
The Latino Donor Collaborative’s research makes one thing clear:
The Latino community is not simply participating in America’s economy.
It is helping power it.
The numbers are impressive.
But behind every number is a story.
A business owner taking a risk.
A family building generational wealth.
A student preparing for a career.
A mentor opening a door.
And a community investing in possibilities that others may not yet see.
That, ultimately, is the true story behind the GDP.
Sources: Latino Donor Collaborative, 2026 U.S. Latino Economic Impact Report; state-level Latino GDP data and growth analysis. Additional New Jersey GDP data from Garden State Initiative economic analysis.
The opinions expressed in this op-ed are those of the author and do not necessarily reflect the views of ROI-NJ.
