New research has highlighted the significant contributions of Latinos to Arizona’s state economy. The study found that Latinos in Arizona contribute more than $72 billion to the state’s economy, with Latino-owned businesses playing a crucial role in expanding the state’s economic health and growth.
The report’s lead investigator, Dr. José Jurado, emphasized that Latinos make up about 33% of Arizona’s workforce, and the 2022 Latino GDP in Arizona was estimated to be $112 billion. Furthermore, the Latino economy in Arizona has been growing at a rate of 6.7% between 2017 and 2022, significantly outpacing the state’s overall growth rate of 2.9%.
However, despite the impressive growth rate, Dr. Jose Jurado pointed out that Latinos tend to work in lower-paying jobs, resulting in their economic output lagging behind that of the overall population. “The Latino cohort at large tends to be younger than its counterparts,” Dr. Jurado said. “They are having more children than other groups. As a result, and this is something we document here, 100% of the growth in the working-age population is coming from the Latino cohort.”
The report which came from Arizona State University, mentions that “While their contributions to the state’s economy are significant, they are not reaping the same benefits as other groups.” Policymakers must prioritize initiatives that address the wage gap and provide equal opportunities for economic advancement for all Arizonans.
The report also highlights the need to invest in education and workforce development programs that support the Latino community. By ensuring that Latinos have access to quality education and training, the state can help bridge the economic divide and create a more inclusive and prosperous economy.
Furthermore, the report highlights the potential of Latino-owned businesses in driving economic growth. The study found that Latino-owned businesses in Arizona have been growing at a faster rate than non-Latino-owned businesses. By providing resources and support to these businesses, the state can help them reach their full potential and contribute even more to the state’s economy.
the report from Arizona State University also sheds light on the critical role that Latinos play in the state’s economy. While their contributions are significant, there is still work to be done to address the economic disparities they face. By investing in education, workforce development, and supporting Latino-owned businesses, Arizona can create a more inclusive and prosperous economy that benefits all its residents.
