By: Robert Grattan
Hispanic-owned businesses are continuing to drive U.S. economic growth, with more than 3.16 million companies nationwide – up nearly 40 percent since 2007 despite a tough economy, according to a study by Geoscape International Inc. and the U.S. Hispanic Chamber of Commerce.
The West South Central region, which includes Texas, Oklahoma, Arkansas and Louisiana, saw a 43 percent expansion in the number of Hispanic-owned businesses between 2007 and 2013. The region was surpassed only by the East South Central at 59 percent growth – including the states of Kentucky, Tennessee, Alabama and Mississippi – and the South Atlantic – the Southeastern seaboard – at 52 percent.
The study also states that total sales receipts for Hispanic-owned businesses have increased from $254 billion in 2002 to a projected $468 billion in 2013. That’s largely due to an influx of new businesses.
“The Hispanic population has been starting and growing new businesses at nearly twice the rate of the general population,” the study by Miami-based Geoscape said. “This trend has continued for more than 10 years.”
Some 56 percent of Hispanic business owners earn greater than $50,000 in annual income, while Hispanic business owners are 66 percent more likely than Hispanics overall to earn between $100,000 and $149,999 and three times as likely to earn more than $150,000, the study showed.