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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

Jul 27, 2020 - Technology

Big Tech's power, in 4 numbers

Data: FactSet; Chart: Naema Ahmed/Axios

The four Big Tech CEOs who will testify before Congress Wednesday command global empires with power and wealth that make them more like countries than companies.

By the numbers: Here are four very large stats for Facebook, Apple, Google/Alphabet and Amazon that tell the story of their value, scale and influence.

Young adult Latino literature faces conservative backlash

Illustration: Sarah Grillo/Axios

Young adult Latino authors, ranging from Ashley Hope Pérez to Benjamin Alire Sáenz, are facing threats from conservative school boards that want to remove their work from schools for tackling issues of race and sexuality.

Why it matters: The growing backlash against lessons on slavery, racism and LGBTQ issues in classrooms has engulfed young adult Latino authors whose work is often overlooked in discussions about race in education materials.

1 hour ago - World

Scoop: Iran preparing to enrich weapons-grade uranium, Israel warns U.S.

Iranian President Ebrahim Raisi holds a press conference. Photo: Presidency of Iran handout via Getty

Israel has shared intelligence over the past two weeks with the U.S. and several European allies suggesting that Iran is taking technical steps to prepare to enrich uranium to 90% purity — the level needed to produce a nuclear weapon, two U.S. sources briefed on the issue tell me.

Why it matters: Enriching to 90% would bring Iran closer than ever to the nuclear threshold. The Israeli warnings come as nuclear talks resume in Vienna, with Iran returning to the negotiating table on Monday after a five-month hiatus.