The Commerce Department’s Minority Business Development Agency and U.S. Census Bureau today announced that the number of Hispanic-owned firms increased by nearly 44 percent between 2002 and 2007 from 1.6 million businesses to 2.3 million, according to new data released today from the U.S. Census Bureau’s 2007 Survey of Business Owners. Employment at Hispanic-owned firms also grew by 26 percent from 1.5 million to 1.9 million workers, a growth rate significantly higher than that of non-minority-owned firms.
“It is encouraging that the Hispanic business community is growing, but we need to create the right conditions for Hispanic-owned businesses to grow more quickly,” MBDA’s National Director David A. Hinson said. “We encourage Hispanic-owned businesses to explore new markets and take advantage of their existing cultural, family or business ties in foreign countries to export as a means to grow and compete in today’s global economy.”
Hispanic-owned businesses generated $345.2 billion in sales in 2007, up 55.5 percent compared with 2002. And of all Hispanic-owned firms with employees, approximately 44,000 have revenues of more than $1 million, representing an increase of more than 51 percent over 2002.
While these are welcome improvements for Hispanic-owned businesses and the minority business community, there is still significant room for growth. Learn how the Minority Business Development Agency can help you grow your minority business.
Today’s newly-released data from the U.S. Census Bureau is available by geographic area, industry and size of business. | Full release | Noticias en español