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Posted March 28, 2006 by publisher in Cuban American Business

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Hispanic enterprise is leading the race among US businesses, growing three times faster than the national average, according to US Census Bureau figures.

In 2002, Hispanic-owned businesses numbered 1.6 million, up nearly 31 percent from 1997. The national average provides a good contrast with the total number of US businesses having increased by 10 percent over the same period. And that isn’t all. The amount of business Hispanic companies did rose even faster – with turnovers growing 54 percent from $4.8 billion in 1997 to $7.4 billion in 2002.

Hispanic-owned firms are clearly outpacing all other minority-owned businesses. Economists aren’t surprised although it is widely known that Asians make up a large portion of the minority-owned businesses. A store-owner said Hispanics are basically “industrious people who save money while they work to start their own business”. They prefer the independence that comes with one’s own business. They also believe that they can do better at business compared to working for someone else.

This growth of the minorities is of great significance to the US government as their contribution to the economy is “hard to ignore” said an analyst.

The rising population of Latino immigrants also contributes to the growth of Hispanic-owned businesses. Latino population grew from 12.5 percent of the total US population, to 14.2 percent from 2000 to 2004; and they have become the largest minority community today. Currently, 10 percent of all employed people in the US are Hispanics, the census figures said.

An area-wise study shows the number of New York’s Hispanics growing at even faster rate – rising 57 percent from 1997 to 2002.

The Census surveyed 2.4 million firms and also observed that a large majority of Hispanic-owned businesses are proprietary companies – single-owner businesses.

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