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L'attitude conference in San Diego. Photo: Russell Contreras/Axios

The total economic output of U.S. Latinos reached $2.7 trillion in 2019 and would be tied for the seventh-largest GDP in the world if U.S. Latinos were an independent country, according to a report released Wednesday.

Why it matters: The report showed U.S. Latino buying power continues to grow and is driven by U.S. births, not immigration.

By the numbers: The detailed study by the Latino Donor Collaborative, a non-profit organization researching Latino issues, was unveiled at the L'attitude conference in San Diego. L'attitude seeks to connect venture capitalists with startups and pressure media to diversify.

  • The study found that the 2019 U.S. Latino gross domestic product of $2.7 trillion had spiked from $2.1 trillion in 2015 and $1.7 trillion in 2010.
  • The GDP growth from 2010 to 2019 for U.S Latinos outpaced Germany, the United Kingdom and Japan.
  • Over the past two years, the growth of Latino GDP averaged 5.63%, double the rate of the broader U.S. economy.

The intrigue: The U.S. Latino GDP’s top industry sector is education and health care, totaling $446 billion or 16.4% of U.S. Latino GDP.

  • Professional and business services come in second, with $327 billion or 12.0% of Latino GDP.
  • Finance and real estate make up $252 billion or 9.3% of Latino GDP.
  • The total U.S. GDP in 2019 was $21.4 trillion.

What they're saying: "Despite having less access to capital, Latino homeownership is outpacing non-Latino homeownership," Matthew Fienup, chief economist for Center for Economic Research for Forecasting, said.

Yes, but: The poverty rate for U.S. Hispanics in 2019 was 15.7% — a historic low but still above the national average of 10.5%.

But, but, but: L'attitude chair Sol Trujillo tells Axios only a tiny percentage of venture capital investment goes to Latino startups.

  • "Latinos are starting small businesses at a great rate but their growth is limited by a lack of investment."

Be smart: The report is part of an advocacy effort by Latino organizations to convince businesses and media companies that hiring more Latinos goes beyond a moral obligation. It makes business sense.

Further reading: Government Accountability Office hits media for lacking Latinos

Go deeper

White House to host forum on Latinos in media

U.S. Rep. Joaquin Castro (D-Texas) Photo: Ken Cedeno-Pool/Getty Images

The White House is hosting a forum Thursday on how Latinos are portrayed in media and Hispanics' lack of representation in film and television.

The big picture: The scheduled panel discussions during Hispanic Heritage Month comes after a recent preliminary U.S. Government Accountability Office report found that Latinos are severely underrepresented in the media industry.

Updated Oct 14, 2021 - Axios Events

Watch: A conversation on equal opportunity in education

On October 14th, Axios race and justice reporter Russ Contreras discussed how education systems are preparing their students for equal opportunity and sustained success in life after school, featuring Rep. Teresa Leger Fernández (D-N.M.) and California State University Chancellor Joseph I. Castro.

Rep. Teresa Leger Fernández demonstrated how the federal government can aid states in addressing education inequalities, the difficulties of recruiting teachers in rural areas, and her focus on alleviating poverty to give children better educational opportunities.

  • On the importance of hiring teachers who can relate to students on a community and cultural level: “We need to make sure that we are training teachers that come from the community that reflect the children that they are teaching, because then that’s where the aspiration starts.”
  • On improving infrastructure to support greater broadband access: “Creating that infrastructure in those communities so there’s good broadband, so they can stay connected to the world, so they can assign subjects and projects that require that students plug into the internet and gather information. That’s the broadband work that we need to do.”

Joseph I. Castro discussed how a counselor at a college fair opened up his eyes to educational opportunity, how student services play a central role in education equity, and how public universities are working to eliminate inequities for students.

  • On investing in student services: “I believe that we need to invest in our students. They are the next generation of leaders. In order for us to support them, we of course need to have extraordinary faculty members in the classroom...and we need to make sure that they have food and housing, access to technology, all the tools necessary to be successful.”
  • On California State University’s plans for an Equity Innovation Hub: “It will be a place where Hispanic serving institutions, like 21 of our Cal State campuses, as well as hundreds across the country, will be able to work together to serve students from Latino and other backgrounds and help prepare them for STEM fields.”

Axios Chief People Officer Dominique Taylor hosted a View from the Top segment with Bank of America president of Business Banking Raul Anaya and Eduardo Díaz, Smithsonian Latino Center director and interim director of the National Museum of the American Latino. They discussed how race and racism have shaped the history of the U.S., and how these effects are still being felt in the Latino community.

  • Eduardo Díaz on the influence behind Smithsonian’s recent program “Our Shared Future: Reckoning with Our Racial Past”: “With the murder of George Floyd, it was cathartic, it brought to bear a lot of underlying historical aspects of the way race and racism has shaped this country’s history and culture, and I think it was a pivotal moment when the Smithsonian needed to do something and step forward to address it…”
52 seconds ago - World

U.S. envoy to visit Sudan as "most dangerous" crisis intensifies

The sit-in in Khartoum. Photo: Mahmoud Hjaj/Anadolu Agency via Getty

U.S. envoy for the Horn of Africa Jeffrey Feltman will visit Khartoum this week amid what Prime Minister Abdalla Hamdok has called the “worst and most dangerous" crisis of Sudan’s transition to democracy, two sources with direct knowledge tell Axios.

Driving the news: Roughly 2,000-3,000 people had joined a sit-in in Khartoum as of this afternoon, per Reuters, after protesters massed over the weekend to call on the military to bring down the government. The protests came just four weeks after a failed military coup.