Every so often, a report comes along that challenges the way we think about the American economy. The Latino Donor Collaborative’s 2026 U.S. Latino Economic Impact Report is one of those moments.
For years, conversations about the Hispanic and Latino community have largely centered on immigration, education, demographics, or cultural influence. Those discussions remain important, but the latest economic data tells another story, one that deserves equal attention.
The Latino community has become one of the most significant economic forces in the United States, and its influence continues to grow.
According to the report, the U.S. Latino economy generated $4.4 trillion in gross domestic product in 2024. If measured as an independent nation, it would rank as the fourth-largest economy in the world, surpassing the economies of Japan, India, the United Kingdom, France, and Canada.
The report also found that the Latino economy grew at an annualized rate of 5.4% between 2019 and 2024, significantly outpacing overall U.S. economic growth during the same period. While Americans of Latino heritage represent approximately 20% of the nation’s population, they generated 28.2% of America’s economic growth in 2024.
These figures represent far more than impressive statistics. They reflect entrepreneurs launching businesses, workers advancing their careers, families purchasing homes, consumers fueling demand, and communities investing in their future.
For communities across New York and New Jersey, that story is especially meaningful.
A Regional Economic Powerhouse
Throughout his career, Carlos Medina, President and Founder of Modesto Foundation, has worked alongside entrepreneurs, nonprofit organizations, educational institutions, chambers of commerce, and community leaders across New York and New Jersey. Long before reports like these were published, he witnessed firsthand the determination, resilience, and innovation that continue to drive economic growth throughout the region.
Today’s data confirms what many communities have already experienced.
According to the Latino Donor Collaborative, New York’s Latino economy generated approximately $329 billion in GDP in 2024, while New Jersey’s Latino economy generated approximately $158 billion. Combined, Latino economic activity across the two neighboring states accounts for nearly half a trillion dollars in annual economic output.
That remarkable level of economic activity is not driven by a single corporation or one dominant industry. It reflects the contributions of millions of individuals building businesses, creating jobs, investing in their communities, purchasing homes, and expanding opportunities for future generations.
The report also found that Latino communities were responsible for 36% of New York’s economic growth, demonstrating an impact that extends far beyond what many people may realize.
These are not marginal contributions. They are foundational to the continued growth and competitiveness of the region.
Why This Matters
When conversations about economic development focus exclusively on Wall Street, major corporations, public policy, or large infrastructure projects, it becomes easy to overlook where economic growth often begins.
It begins when a family opens its first restaurant.
When a contractor hires a new employee.
When an entrepreneur decides to take a chance on an idea.
When a community organization helps someone gain the skills, mentorship, and network needed to succeed.
Carlos Medina’s work over the years has brought him alongside thousands of entrepreneurs whose journeys began with determination, talent, and a vision for something greater. Many have gone on to build successful businesses, create jobs, mentor others, advocate for their communities, and help the next generation succeed.
As Medina often emphasizes through his work, strong economies are not built by financial indicators alone. They are built by people who invest in themselves, create opportunities for others, and strengthen the communities around them.
An Opportunity for Leaders
The findings of the Latino Donor Collaborative reinforce what entrepreneurs, educators, business leaders, and community organizations have witnessed for years.
Investing in Latino entrepreneurship, workforce development, education, and leadership is not simply a matter of inclusion.
It is smart economic policy.
It is good business.
And it is an investment in America’s long-term competitiveness.
The next generation of innovators, founders, executives, and job creators is already here. The question is whether enough pathways are being created for them to thrive.
Looking Ahead
New Jersey has grown into an economy valued at more than $900 billion, while New York remains one of the world’s leading economic centers. The future prosperity of both states will depend on continued investment in talent, entrepreneurship, and expanded opportunity.
The Latino Donor Collaborative’s research reinforces a simple but powerful truth, one that Carlos Medina has long championed through his work in economic development and community leadership.
The Latino community is not simply participating in America’s economy.
It is helping power it.
Behind every economic statistic is a person.
A business owner willing to take a risk.
A family building generational wealth.
A student preparing for a career.
A mentor opening a door for someone else.
A community investing in possibilities that others may not yet see.
At Modesto Foundation, these stories are reflected every day through the entrepreneurs, students, educators, and community leaders the organization serves. The data reinforces what the Foundation has long believed: when people are given access to opportunity, they strengthen not only their own future, but the future of entire communities.
Ultimately, that is the real story behind the GDP.
Sources
- Latino Donor Collaborative. 2026 U.S. Latino Economic Impact Report – Part One
- Garden State Initiative. Research and Analysis
About This Article
This article is adapted from insights originally shared by Carlos Medina, President and Founder of Modesto Foundation, following the release of the Latino Donor Collaborative’s 2026 U.S. Latino Economic Impact Report. It has been edited and republished for the Modesto Foundation website.