Unlocking the Economic Potential of the Latino Community: Insights from Sol TrujilloNov 02, 2023
By Michael G. Bullinger, MBA, CFC, CFA
President of the National Franchise Alliance
New Orleans, LA November 1, 2023. In a recent interview with CNBC's Joe Kernen, Sol Trujillo, the chairman of Latino Community Foundation, revealed some powerful insights about the Latino community's economic impact in the United States.
During the interview on CNBC's Squawk Box, Trujillo shared, "We have essentially the 5th largest economy in the world among Latinos in the U.S." 2023 U.S. Latino Economy Reaches $3.2 Trillion. This statement highlights the significant economic contributions of the Latino community in the United States and its potential for even greater growth.
Trujillo, a renowned business leader and a member of various boards such as Target Corporation and Western Union, is a strong advocate for economic empowerment and social justice for Latinos. He believes that the key to unlocking the full potential of the Latino community is through education and increasing their access to economic opportunities.
According to a study by the Latino Donors Collaborative, the GDP of the Latino population in the U.S. is expected to reach $2.6 trillion by 2020, solidifying its position as the fifth-largest economy among Latinos worldwide. This economic growth is fueled by the increasing population of Latinos in the U.S., which is projected to reach 119 million by 2060, making up nearly 30% of the total population.
Aside from being a significant contributor to the U.S. economy, the Latino community also plays a crucial role in entrepreneurship, with Latino-owned businesses growing at a rate more than double that of any other ethnic group in the country. These businesses are responsible for creating over 3.3 million jobs and generating over $470 billion in annual revenue.
Trujillo also pointed out the importance of recognizing the diversity within the Latino community and understanding the unique challenges they face. Latinos come from various backgrounds and have different levels of education, income, and resources. However, Trujillo believes that by investing in education and providing access to capital and resources, the Latino community's economic potential can be fully realized.
With these statistics and insights in mind, Trujillo and the Latino Community Foundation are dedicated to supporting Latino communities through education, economic opportunities, and advocacy.
During the interview, Trujillo also addressed the issue of immigration and its impact on the Latino community. He emphasized that immigration is not a Latino issue, but a human issue, and called for a more compassionate and inclusive approach to addressing it.
The Latino community's economic impact is undeniable, and Trujillo's message echoes the sentiments of many other leaders and organizations working towards empowering and uplifting this community. As the Latino population continues to grow and thrive in the U.S., it is essential to recognize and support their contributions to the economy and society.
The Squawk Box host, Joe Kernen, commended Trujillo's vision and efforts towards economic empowerment for the Latino community, stating, "We applaud you for all the work that you're doing." With leaders like Sol Trujillo and organizations like the Latino Community Foundation, the future looks promising for the Latino community in the U.S.
In conclusion, the Latino community's economic impact in the U.S. is substantial and only expected to grow in the coming years. It is crucial to recognize and support their contributions to the economy and work towards creating more opportunities for this vibrant and diverse community. With the right investments and support, the Latino community has the potential to become an even more significant economic force in the U.S. and continue to thrive for generations to come.
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