The recent 2023 US Latino GDP Report reveals that Latinos outpace non-Latino residents in spending and growth.
As of 2021, the Houston metro area is the second largest metropolitan statistical area in Texas . It’s also the fourth largest MSA in the nation by Latino population.“The Houston - The Woodlands - Sugar Land metropolitan statistical area is comprised of nine counties along the gulf coast and covers nearly 10,062 miles in southeastern Texas . In 2021, the Houston metro area was home to 7.
“From 2018 to 2021, Latino GDP grew seven times faster than Non-Latino GDP in the Houston Metro area,” the report notes.- Despite comprising only 38.5 percent of Houston’s population, Latinos contributed to 68.3 percent of the city’s GDP growth during the same period.- The number of Latinos with bachelor’s degrees grew at a rate 2.9 times higher than non-Latinos from 2010 to 2021.- The Houston Metro Area saw a 45.2 percent increase in Latino households from 2010 to 2021.
“As with the larger geographies, Latinos provide a large and positive demographic punch in the Houston Metro area through both the addition of workers and the formation of households,” the report notes.- In 2021, Latinos in the Houston Metro area spent $92.6 billion - surpassing the entire economy of West Virginia. Overall, Latinos in the U.S. consumed $2.14 trillion.- From 2018 to 2021, Latino GDP grew 7 times more rapidly than non-Latinos in the Houston metro area.
“While impressive for its size, the Houston Metro Latino GDP is even more noteworthy for its extraordinary growth,” the report says.- During those years, the Houston metro Latino GDP grew at an average annual rate of 1.94 percent compared to 0.27 percent for non-Latinos.- In 2021, 76 percent of the country’s Latino population lived within just ten states.
“Seeing the dramatic economic impact of Latinos living in the Houston metro area and the state of Texas more broadly, one might be misled to think that this extraordinary impact must be concentrated within a narrow geographic region. In fact, the Houston metro area and the state of Texas are merely examples of a nationwide phenomenon,” the report states.- The report found the largest states by Latino population in many instances are adding the largest numbers of Latinos on an annual basis.
Economic Growth Houston United States Gdp Population Texas
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