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Hispanic-owned Businesses Increased Nearly 44 Percent
The number of Hispanic-owned businesses increased nearly 44 percent to 2.3 million between 2002 and 2007, more than twice the national average of all U.S. businesses. The total number of U.S. businesses during the same period increased 18 percent to 27.1 million.
But if parity were reached, there would be 3.4 million Hispanic-owned firms generating $1.4 trillion in gross receipts and employing 7.5 million workers.
Between 2002 and 2007, the number of Hispanic firms grew by 44 percent to 2.3 million firms, compared to 18 percent for all U.S. firms, and compared to 18 percent growth for the Hispanic population during the same period.
Hispanic-owned firms employed approximately 1.9 million workers in 2007, up from 1.5 million in 2002, increasing at a rate of 26 percent compared to no change at non-minority-owned firms.
Receipts for Hispanic-owned firms increased 56 percent to approximately $345 billion.
The downside is that of those 2.3 million Hispanic-owned firms, only 250,000 have employees, and of those, just 44,000 firms have gross receipts greater than $1 million.
In fact, those 44,000 Hispanic firms generated roughly $223 billion of the total $345 billion in gross receipts and employed 1.1 million of the total 1.9 million workers.
2007 Industry Sectors
Administrative, Support, Waste Management and Remediation Services (14%)
Health Care and Social Assistance (10%)
All Other Industry Sectors Combined includes firms in Information, Manufacturing, Wholesale Trade, Mining, Utilities, Education, Entertainment, Accommodation and Food Services, Finance, and Agriculture, among other industry sectors.