Hispanic businesses grow at twice national rate, contribute $668 billion to U.S. economy
by October 17, 2016 1:33 pm 396 views
A new national study shows the number of Hispanic-owned business has grown 27.5% since 2012, double the growth rate of all businesses in the U.S. In Arkansas, there are 10,617 Hispanic-owned establishments among the 255,297 businesses overall, according to a study released by Geoscape, a Miami-based business intelligence technology, data and analytics consulting firm.
Published in partnership with the U.S. Hispanic Chamber of Commerce, the Hispanics in Business 2016 study details the growth of Hispanic business ownership, high levels of entrepreneurship and contributions to the U.S. economy. The results were formally unveiled at The USHCC National Convention, which took place in Miami in early October.
To view the report in its entirety, click here.
The fastest-growing states for Hispanic entrepreneurial activity continue to be California, Texas and Florida, though New York, Georgia, Arizona and Illinois have also experienced substantial business growth.
“Throughout all corners of the United States, Hispanic entrepreneurs play a crucial role in supporting the growth of local communities,” said Javier Palomarez, president & CEO of the U.S. Hispanic Chamber of Commerce. “They create American jobs, maintain our leadership in global markets, and contribute toward the mutual prosperity that makes America’s economy the greatest in the world.”
“We conduct this study each year to prove that Hispanic-owned businesses are an undisputed strategic growth opportunity,” said Cesar Melgoza, CEO and founder of Geoscape. “They are the present and future of our economic foundation, as they continue to grow jobs and wealth. It is everyone’s business to support the Hispanic entrepreneur, as their success is our success as a nationwide economy.”
Other details of the study show sales from Hispanic-owned businesses contribute more than $668 billion to the U.S. economy, an increase of 29% since 2012 and nearly twice the total in 2007 ($351B). Hispanic business owners are also more likely to contribute to financial institutions than the overall Hispanic population, including financial planners, mutual funds, second homes and IRAs.
The new report also shows 66% of Hispanic business owners earn greater than $50,000 in household income, compared to 38% of all U.S. Hispanics. Hispanic business owners are also 1.7 times more likely to earn in excess of $100,000 per year, compared to Hispanics overall.