Latino businesses contribute $700 billion to the American economy.

Latino businesses contribute $700 billion to the American economy.

Latino businesses contribute $700 billion to the American economy each year, according to a report from the USHCC and GeoScape in 2017. Prior to the pandemic, according to the recently published 2020 LDC U.S. Latino GDP Report, the size of the U.S. Latino market measured by GDP was $2.6 Trillion in 2018, up almost 9% from $2.3 Trillion in 2017. If the U.S. Latino market was its own country, it would be the 8th largest economy in the world and the largest Latino market in the world, larger than Brazil and more than twice the size of Mexico.  The Brookings Institute has estimated 50% of small businesses – 4.2 million – are at risk of closing their doors and a disproportionate number of these businesses will be owned by people of color or located in a low-income area. The latest data shows that 32% of Hispanic-owned businesses have already closed their doors temporarily or permanently. More are expected to close as the COVID-19 crisis continues, unless we act soon to help.
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