A new Geoscape report highlighted the immense growth of Hispanic-owned businesses, a small business trend sure to continue according to analysts.
The number of Hispanic-owned businesses doubled from 2002 to 2013, now reaching 3.16 million total establishments. Substantial growth was reported in each of the nine subdivided regions of the country, indicating growth isn’t only noticeable in the Southern region of the country. The United States Hispanic Chamber of Commerce, led by Javier Palomarez, partnered with Geoscape on the report. In the foreword of the report, Palomarez described the entrepreneurial segment as “thriving” and “vibrant”.
Palomarez attributed the success to the “DNA of the community.” Regarding the many recent Hispanic immigrants, Palomarez said to Bloomberg Businessweek: “They’ve had to make it on their own, to bootstrap it. And starting a business is an effective way to build wealth.”
As more Hispanic-owned businesses are being established, existing businesses are continuing to grow. The report revealed that the total sales-receipts for businesses nearly doubled in the last decade. Sales totaling $254 billion in 2002, and have increased to a projected $468 billion in 2013. This included a 30 percent increase from 2007 to the present, which was a time of very limited growth for the country as a whole.
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