Hispanic biz growth
by September 23, 2010 7:18 am 111 views
The number of Hispanic-owned businesses in the United States increased by 43.7% to 2.3 million, more than twice the national rate of 18% between 2002 and 2007, according to figures from the U.S. Census Bureau.
About 45.8% of all Hispanic-owned businesses were owned by people of Mexican origin.
“Statistics are shown for non-Hispanic businesses, for businesses that are equally (50 percent/50 percent) owned by both Hispanics and non-Hispanics, and for four Hispanic subgroups — businesses owned by people of Mexican, Cuban, Puerto Rican or other Hispanic origin,” notes the Census Bureau press release.
OTHER HISPANIC CENSUS DATA
• Hispanic-owned businesses generated $345.2 billion in sales in 2007, up 55.5% compared with 2002. The number of Hispanic-owned businesses with receipts of $1 million or more increased 51.6% — from 29,168 to 44,206 businesses between 2002 and 2007.
• Hispanic-owned businesses comprised 23.6% of all businesses in New Mexico, highest among all states, followed by Florida (22.4%), Texas (20.7%), California (16.5%) and Arizona (10.7%).
• Among counties with a 2007 population of more than 500,000 people, Hispanic-owned businesses comprised 68.7% of all businesses in Hidalgo, Texas, the highest in the nation, followed by El Paso, Texas (61.4%), Miami-Dade, Fla. (60.5%), Bronx, N.Y. (37.6%) and Bexar, Texas (37.3%).
• Among cities with a 2007 population of more than 500,000 people, Hispanic-owned businesses comprised 59.8% of all businesses in El Paso, the highest in the nation, followed by San Antonio, Texas (39.4%), Houston (23.3%), Albuquerque, N.M. (23.1%) and Los Angeles (21%).
• In 2007, businesses owned by people of Mexican origin accounted for 45.8% of Hispanic-owned businesses; Cuban origin accounted for 11.1%, Puerto Rican-owned businesses accounted for 6.9%, and businesses owned by other people of Hispanic origin accounted for 34.5%.
• Of the 2.3 million Hispanic-owned businesses, 249,168 had paid employees, an increase of 24.9% from 2002. These employer businesses employed 1.9 million people, an increase of 25.7% from 2002, and their payrolls totaled $54.6 billion, an increase of 48.7%. Receipts of Hispanic-owned employer businesses totaled $274.5 billion, an increase of 52.9%.
• The number of Hispanic-owned businesses with 100 or more employees increased by 26.4% from 1,508 to 1,906. These businesses generated $74.2 billion in revenues, an increase of 76.6% from 2002.
• Nearly one-third (30%) of Hispanic-owned businesses operated in the construction, repair and maintenance, and personal and laundry services industries. Wholesale trade, construction and retail trade accounted for 50.8% of Hispanic-owned business revenue.