Hispanic-owned Businesses Increase by 750,000 in 3 Years, 15 Times National Growth Rate

Hovde Steps

Hispanic-owned businesses surpass 4 million nationally in 2015, contributing $661 billion in combined annual revenue

There will be over four 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, a leading provider of business intelligence technology, data and analytics, and published 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 2015 USHCC National Convention. 

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 socio-economic 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 businesses 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 view the study in its entirety, visit www.geoscape.com/HBR

ushcc

About the United States Hispanic Chamber of Commerce 

Founded in 1979, the USHCC actively promotes the economic growth and development of Hispanic entrepreneurs and represents the interests of over three million Hispanic-owned businesses across the United States that contribute in excess of $465 billion to the American economy each year. It also serves as the umbrella organization for more than 200 local Hispanic chambers and business associations in the United States and Puerto Rico. For more information, visit www.USHCC.com

Purdue University, 610 Purdue Mall, West Lafayette, IN 47907; 765-494-4600

© 2016 Purdue University | An equal access/equal opportunity university | Copyright Complaints | Maintained by Office of Supplier Diversity

Trouble with this page? Disability-related accessibility issue? Please contact pfcom@purdue.edu.