New research reveals how Latinas are supercharging the U.S. economy.

In fact, if every Latina in America lived in a single state, they would produce and consume more than 47 states — outpaced only by California, Texas, and New York.

These are among the findings in a new study from California Lutheran University and UCLA. The study was paid for by Bank of America.

Hispanic women have become not only a driving force but an essential one bringing expansion to the economy when there would have otherwise been contraction.

Despite being only 9.3% of the U.S. population, Latinas are responsible for 30.2% of growth from 2010 to 2021, according to the study. The growth over the past decade outpaces other demographics by 2.7 times.

The production and consumption brought on by the demographic equaled roughly $1.2 trillion in 2021. That surpasses every U.S. state save Texas, New York, and California.

“This research reveals that Latinas outpace their gender and ethnic peers in key economic measures, including record levels of Latina workforce participation, educational attainment, and income growth,” said Matthew Fienup, the study’s author and professor at California Lutheran University. “It reveals that Latinas are drivers of much-needed economic vitality for the nation.”

Education Driving Income Growth

A significant portion of Latina GDP growth comes as they become a more educated demographic. The rate of bachelor’s degrees grew 103% from 2010 to 2021, outpacing the 38.3% rate of degrees attained by non-Hispanic women. Hispanic men did not trail far behind, with 102% growth in the number of college degrees.

That education level pushed incomes higher.

Pay for Hispanic women grew 46% from 2010 to 2021. Earnings for non-Hispanic women only grew 18.5%. Real wages during the first two years of the COVID-19 pandemic grew 9.3% while incomes for others declined in the aggregate by 1.7%.

Average incomes still come in lower than other groups, however.

“The investment that Latinas are making in education today will ensure that Latinas continue giving life to the U.S. economy for a long time to come,” the report stated.

Population Growth Cements Role of Latinas in U.S. Economy

The Hispanic population accounts for much of U.S. population growth. Despite being only 9.3% of the population, the increase in number of Hispanic women made up 26.7% of all population growth.

The number of Hispanic women outpaced men by 9.4%. And, with a younger population, that participation will last long into the future.