In 2020, Latinos contributed $3.6 trillion to the U.S. economy, ranking them as the fifth largest economy globally, ahead of France, the UK, and Canada.
Latino manufacturing alone brought in $457.4 billion, showing a remarkable 48.4% increase from the previous year, according to a study by Latino Donor Collaborative and Wells Fargo.
A following study revealed that in 2021, Latinas contributed $1.3 trillion to the economy, now outpacing non-Latina women in workforce participation.
These findings emphasize the crucial role of immigrant workers in the U.S. labor force growth.
A recent study predicts that by 2052, growth in the U.S. labor market will rely solely on immigrants as Baby Boomers retire and birth rates decline.
The U.S. workforce of prime working-age individuals (25-54) is expected to peak in 2042, leading to a stagnation in U.S.-born workers.
From 2018 to 2024, the workforce of U.S.-born individuals decreased by 1.3 million, while immigrant contributions added 5.4 million, leading to a net increase of over four million.
In the past five years, 3.6 million foreign-born workers entered the labor force, contrasting sharply with only 479,000 U.S.-born workers. Factors like an aging population and pandemic-related changes have influenced this shift.
The foreign-born segment of the workforce rose from 9.8% in 1994 to 19.1% in 2024, with many immigrants entering high-skill sectors, especially in STEM fields.
The study suggests that immigration will be key in filling future labor shortages in areas like healthcare, manufacturing, and technology.
Overall, the report advocates for increasing workers through immigration and temporary visas to boost labor force growth and improve living standards for Americans.
