Liberal media exaggeration.  U.S. Latino immigrants accounted for $1.6 trillion in GDP in 2023, according to a new research report by the Latino Donor Collaborative, contributing to an overall purchasing power for U.S. Latinos of $4.1 trillion. The 2023 data is the most recent year included in the study.

     U.S. Latino gross domestic product, measuring the economic impact of the cohort, was up 50% in 2023 from 2015, boosted by increasing education, entrepreneurship and labor force participation, said economists with Arizona State University, who conducted the research. For comparison, the estimated GDP of non-Latinos in the U.S. grew by 17% over the same time frame.

     The report comes as the Trump administration is charging ahead with an unprecedented effort to remove undocumented immigrants from the U.S. California’s economy alone saw $989 billion of Latino GDP in 2023 and is projected to surpass a trillion dollars in 2025, according to the report. Texas, Florida and New York each also have Latino GDPs worth hundreds of billions of dollars. And Latino spending is making up a larger share of the overall economy.

     As baby boomers age, their share of spending declines by about 4% annually, according to the report, and U.S. Latinos are poised to fill the spending gap. Their share of U.S. consumption is growing by more than 3% annually. Actual consumer spending is up nearly 5% annually compared with 2.4% for non-Latinos, driven by population changes and a rise in disposable income.

     “It’s very clear — if there’s a silver bullet for the economy beyond [artificial intelligence], it’s the Latino consumer. They are workers, entrepreneurs and consumers, driving significant growth across sectors in the American economy, ” said Sol Trujillo, co-founder of the Latino Donor Collaborative and chairman of the Trujillo Group.

     “The velocity of the rise of brands that are marketing to us Latinos as their mainstream customers should be a wake-up call to every CEO and CMO, ” said Beatriz Acevedo, CEO and co-founder of Suma Wealth, on stage Wednesday at Velocity, an economic conference in Los Angeles where the Latino GDP report was presented.