L’Attitude Miami Business Summit: Miami Metro Latino GDP

CERF and its research partners at UCLA released first-of-its-kind research which details the large and rapidly growing economic contribution of Latinos living in the Miami Metropolitan Area. The Bank of America Miami Metro Latino GDP Report was released at a live Business Summit at the historic Cardozo Hotel in South Beach.

Here are few highlights the report:

• Despite being only 45 percent of the Miami Metro Area population, Latinos are responsible for 82 of the growth of the Miami popluation and 84 percent of the growth of the Miami labor force since 2010.
• The Miami – Fort Lauderdale – West Palm Beach Metropolitan Statistical Area (MSA) is comprised of Miami-Dade, Broward, and Palm Beach counties, which are the first, second and third most populous counties in Florida.  In 2018, the Miami Metro Area was the largest metro area in Florida with 6.2 million people of all ethnicities.
• The 2018 Miami Metro Latino population is 2.8 million people, making it the third largest MSA in the nation by Latino population, ahead of the Houston Metro (with 2.6 million Latinos) and behind the New York – Newark Metro (with 4.9 million Latinos).
• The 2018 Miami Metro Latino GDP is $148.9 billion, larger than the entire economy of Washington D.C. or the state of Nebraska.
• Latinos are making strong and consistent contributions to the Miami Metro Area’s population and labor force. While the population of the Miami Metro increased steadily from 2010-18, Latino population growth was 6.8 times that of Non-Latinos. The labor force growth premium is even more impressive – from 2010-18, the number of Latino workers in Miami grew 9.3 times as quickly as Non-Latino.
• The dramatic economic contribution of Latinos in the Miami Metro Area is driven by rapid gains in human capital and a strong work ethic. From 2010-18, Latino educational attainment grew at a rate 2.4 times faster than that of Miami Metro Non-Latinos. Over those same years, Miami Metro Latinos’ labor force participation rate was an average of 4.3 percentage points higher than Non-Latinos.
• Latinos are drivers of growth and a critical source of strength and resilience for the Miami Metro Area economy.

 

To access the full Miami Metro Latino GDP report, please visit: 2022 Metro Latino GDP Report

Special thanks to our research sponsor, the Bank of America Charitable Foundation, and to event sponsors L’Attitude and entertainment legend Emilio Estefan.