PHOENIX — Latinas are becoming drivers of the local and national economy and there are numbers to prove it.
"Latinas are really growing by leaps and bounds in many different ways," said Monica Villalobos who is the president & CEO of the Arizona Hispanic Chamber of Commerce.
She already knows what numbers are now catching on too — that Latinas are becoming powerhouses to the economy.
"It's a great time to be Latina in the U.S. And particularly in Arizona," Villalobos said.
A new report by UCLA and staff from California Lutheran university is showing Latinas contributed $1.3 Trillion to the U.S. gross domestic product in 2021, roughly double from 2010.
"Women are legitimizing their side hustles and in Spanish we call them chambaladitos. And so, these chambaladitos have now become blooming businesses," Villalobos said.
The rate at which Latina businesses are growing, in terms of GDP, is almost triple that of non-Latinos at the same time according to the study. In return, that means higher pay and job growth for these women.
When you talk about contributions of Latinas to the national economy, it's not hard to see that in Arizona at places like Victoria Imports.
Brenda Perez is owner of this store that specializes in Mexican items with locations at Arizona Mills and at Desert Sky Mall.
"My parents started at the swap meets. They opened up at Mercado de Los Cielos," Perez remembered.
As the oldest, she's always helped her parents with the official business side of things even to this day, helping them translate papers or get permits.
When it comes to running her own business, she said she loves, "being able to be a lot more time with my family. Especially with my little niece that I have here."
Perez works with the Arizona Hispanic Chamber of Commerce and takes them up on resources offered, like recent help with financials.
Perez recalled, "A coach had to be able to come by and do a one-on-one and we were able to get our questions answered, pretty quick."
According to the Associated Press, bilingual Latina workers are entering the workforce with higher education than before. Villalobos says that's one of their superpowers.
"The more perspective you have, the more diversity you have, the more you can add to a company," Villalobos added.
And while the new report does show major growth, the fact is there is still much work to be done.
"Latinas are still making about 55 cents to every white man's dollar,” Villalobos reminded and that's for the same work. It's one of the largest pay gaps of any group.
But Villalobos is optimistic that things are moving in the right direction.
“It's almost this domino effect where the workforce is an incubator for Latinas to start their own businesses, and then be able to grow and thrive them," Villalobos added.
The Arizona Hispanic Chamber of Commerce does a yearly report on the state of Arizona's Hispanic market, including different trends and growth. It's called DATOS.
They'll present this year's DATOS September 26th, 2024, in Phoenix.
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