A family of six people varying in age smile in a photo.
A family of six people varying in age smile in a photo.
Diversity & Inclusion
September 15, 2021

Hispanic and Latino Americans play a major role in U.S. economy

A new Wells Fargo report shows a continued rise in the Hispanic and Latino population, points to strong Hispanic spending power, and reveals the segment’s dramatic contribution to the U.S. labor force.

Hispanic Heritage Month - Celebrating the cultures and achievements of Hispanic and Latino American communities

The face of America is more diverse than ever, with nearly one in five people in the U.S. identifying as Hispanic or Latino. This statistic was among several findings of note about the contribution of Hispanic and Latino Americans to the U.S. economy over the past decade.

Knowing the profound impact this segment can have on the future of our business and our economy, Wells Fargo recently published The Budding Potential of Hispanic Americans for the U.S. Economy. Key report findings, released to coincide with Hispanic Heritage Month, include:

  • Population growth — Hispanics accounted for half of the country’s population gain over the past decade. They’re also on pace to account for 40% of growth in the total number of American households over the next 10 years.
  • Labor force — Two-thirds of the growth in the U.S. labor force in the last decade came from workers identifying as Hispanic.
  • Income and wealth — Income and wealth among Hispanics are growing faster than the broader population, making the community a large driver of spending. Median family wealth grew nearly three times faster than the typical U.S. household did in the last decade.
A “selfie” perspective of a group of people of varying ages sitting closely around a table smiling

Investing in Hispanic and Latino communities

Explore more Hispanic Heritage Month stories on Wells Fargo Stories.

Read more

Patty Juarez, head of Diverse Segments for Commercial Banking, said the report’s findings align with trends the Hispanic & Latino Connection Employee Resource Network has been seeing. “It validates our recruiting objectives and the fact that we’re playing a more important role in our company and the U.S.,” she said. “As a company, we’re living the same thing because if we look at talent that’s coming in the pipeline, we see a higher percentage of hires coming from the Hispanic and Latino community.”

Learn more and attend the webinar

How will demographic trends among Hispanic and Latino Americans shape the labor market, consumer spending, and real estate in the years to come?

Attend The Budding Potential of Hispanic Americans for the U.S. Economy for a panel discussion moderated by Juarez.

To learn more, read the full report, attend the webinar, and listen to a discussion between Juarez and Sarah House, senior economist, in the video above.