The U.S. Latino economy continues to grow, reaching $3.2 trillion in 2021, up from $2.8 trillion the year prior, according to a new report by the Latino Donor Collaborative in partnership with Wells Fargo.
If Latinos were an independent country, their GDP would rank fifth in the world, the study found.
"We have a massive economy that's under-invested right now, under-engaged," said Sol Trujillo, Latino Donor Collaborative chairman, in an interview with CNBC's "Squawk Box."
That is largely due to the Latino community's strong population share, labor force participation and overall productivity in those states.
"I would say if you look at the charts now that we have in our study, 48 out of the 50 states' growth is tied to this [Latino] cohort," Trujillo said.
Persons:
Wells, LDC, Sol Trujillo, CNBC's, Trujillo
Locations:
Wells Fargo, U.S, United Kingdom, India, France, Italy, California , Texas, Florida