Geoscape Study Reveals Hispanic-owned Businesses Increase by 750,000
There will be over 4 million Hispanic-owned businesses projected this year – or 23 percent more than the last official Census release, according to a study released today by Geoscape in partnership with the U.S. Hispanic Chamber of Commerce. This growth rate is more than 15 times the national average during the same timeframe. The Hispanics in Business 2015 study details the impact of Hispanic businesses ownership, entrepreneurship and wealth. The results were formally unveiled at The USHCC National Convention, taking place this week in Houston. The study revealed that the total number of Hispanic-owned businesses
is projected to reach 4.07 million in 2015, an increase of 750,000 firms since the last Census report in 2012. The combined annual revenue of Hispanic-owned businesses is projected to exceed $661 billion this year – an increase of $144 billion since 2012. Hispanic business growth is taking place in regions that are not historically associated with the Hispanic population. The fastest-growing region for Hispanic business activity is the West North Central Census region, consisting of Minnesota, Iowa, Missouri, Nebraska, North Dakota and South Dakota. This increase can be attributed to the migration of Hispanics into the region for jobs, local and socioeconomic conditions, including customer base, industrial composition and the low cost of living relative to other regions. The Pacific Census region continues to be the area with the highest number of Hispanic-owned businesses, projected at more than 1.05 million across California, Oregon, Washington and Alaska – an increase of 22 percent since 2012. All regions in the United States experienced more than 20 percent growth in Hispanic business owners over the past three years. “This year’s findings solidify what we’ve been saying for a long time – that Hispanic businesses are the future of our nation’s entrepreneurial activity,” said Javier Palomarez, President & CEO of the U.S. Hispanic Chamber of Commerce. “The remarkable gains our Hispanic business community has made in the past year are both inspiring and encouraging – our members are proud to be the future builders of the American economy.” “As we’ve conducted this study over the years, we’re finding that Hispanic businesses continue to grow dramatically, as this is the single largest jump we’ve seen since we started studying the data,” said Cesar M. Melgoza, CEO and founder of Geoscape. “The more you do the math, the more you realize that Hispanic business are not just part of the future, they’re also a huge component of our present economy. Our leaders need to understand their importance in driving the American economy, and they will only grow in importance in the future.” To download the full report, click here.