The U.S. Latino economy continues its upward trajectory, with a recent study conducted by the Latino Donor Collaborative in collaboration with Wells Fargo revealing that it reached $3.2 trillion in 2021, up from $2.8 trillion in the preceding year.

Over the past decade, the U.S. Latino economy has experienced growth at a rate two and a half times faster than the non-Latino economy. This remarkable expansion has propelled it beyond the Gross Domestic Product (GDP) of several prominent nations, including the United Kingdom, India, France, and Italy, as detailed in the report released on Wednesday by LDC, a nonprofit, nonpartisan organization committed to reshaping perceptions of U.S. Latinos through data-driven economic research.

According to the study's findings, if the U.S. Latino community were an independent nation, its GDP would rank as the fifth largest in the world.

Sol Trujillo, Chairman of the Latino Donor Collaborative, emphasized, "We have a substantial economy that is currently underinvested and underutilized," during an interview on CNBC's "Squawk Box."

Latino businesses continue to thrive in sectors such as accommodation and food services, construction, administrative support, waste management, and transportation.

Although Latino economic growth is geographically widespread across the United States, it has been particularly pronounced in the states of California, Texas, and Florida. In these states, the Latino community has contributed economic impacts amounting to $682 billion, $465 billion, and $240 billion, respectively. This robust growth is attributed to the significant population share, labor force participation, and overall productivity of Latinos in these regions.

Trujillo pointed out, "If you examine the data in our study, you'll see that 48 out of the 50 states' economic growth is closely tied to this Latino demographic."