Top-Tier Event Celebrates Latinx Business Boom
We are living in the era of a new mainstream economy. It is driven, in large part, by Latino entrepreneurs, consumers and workers. In September 2019, at the Manchester Grand Hyatt San Diego, with the collaboration of Wells Fargo, a top-tier business and media event was launched.
It is called L’ATTITUDE. In alignment with Wells Fargo’s ongoing commitment to unite leaders, change-makers and aspiring Hispanic visionaries, the purpose of the event was to celebrate Latinx contributions and provide a platform for burgeoning leaders. Leaders ranging from c-level executives, entrepreneurs, journalists to policymakers joined forces to discover how to create a world ready for greater possibilities.
The foundational component for the conference presentations, panel discussions and interactive sessions was the 2019 Latino Donor Collaborative (LDC). The LDC is sponsored by Wells Fargo and provides the latest facts and data on the role, scope and trajectory of U.S. Latino influence on the economy. The report is just one component of the company’s long-standing commitment to helping Hispanic consumers and communities succeed financially through home lending, access to capital and initiatives that lead to sustainability and growth of small businesses, diverse suppliers and community development.
One of the highlights of the event was the Business & Economics Day, presented by Wells Fargo. It was an executive discussion focused on the $2.13 trillion in GDP represented by Latinx contributions to the New Mainstream Economy, as recently as 2015. The event’s website is chock full of facts that make it abundantly clear that U.S. Latinos are making America younger, more entrepreneurial, more likely to be employed and increasingly affluent.
For example, in the last decade, Latinos launched the majority of all new businesses in the U.S., generating almost 4.3 million new companies. Businesses owned by Latinos created nearly 3 million American jobs. Between 2007 and 2012, U.S. Latinos accounted for 86% of total net new business formations in America.
L’ATTITUDE is not just celebrating Latinos. It is celebrating the future. The trend is clear, if you consider that from 2010 to 2015, 70% of the U.S. workforce increase was attributed to U.S. Latinos. While non-Latino businesses shrank by 2% between 2007 and 2012, Latino-owned businesses increased 47%. By next year, U.S. Latinos are expected to make up 74% of the growth in new workers. Meanwhile, over 10,000 Baby Boomers retire every day.
The spirit of the event was all about Latinos creating a positive future for America. As Millennials are expected to overtake Boomers this year, with their numbers swelling to 73 million, over 24 million are Latino. This number comprises just under half of the entire U.S. Latino population. Latinas alone will represent thirty percent of the U.S. female population by the year 2060. They will become dominant consumers across many industries.
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