Hispanic-Owned Businesses Increase at More Than Double the National Rate
- In 2007, businesses owned by people of Mexican origin accounted for 45.8% of Hispanic-owned businesses; Cuban origin accounted for 11.1%, Puerto Rican-owned businesses accounted for 6.9%, and businesses owned by other people of Hispanic origin accounted for 34.5%.
- The number of businesses owned by people of Mexican origin increased by 47.7% between 2002 and 2007; the number of Puerto Rican-owned businesses increased by 43%, the number of Cuban-owned businesses increased by 65.5% and the number of other Hispanic-owned businesses increased by 30.6%.
- Of the 2.3 million Hispanic-owned businesses, 249,168 had paid employees, an increase of 24.9% from 2002. These employer businesses employed 1.9 million people, an increase of 25.7% from 2002, and their payrolls totaled $54.6 billion, an increase of 48.7%. Receipts of Hispanic-owned employer businesses totaled $274.5 billion, an increase of 52.9%.
- Of the 2.3 million Hispanic-owned businesses, 2 million had no paid employees, an increase of 46.4%. These nonemployer businesses’ receipts totaled $70.7 billion, an increase of 66.6%.
- The number of Hispanic-owned businesses with 100 or more employees increased by 26.4% from 1,508 to 1,906. These businesses generated $74.2 billion in revenues, an increase of 76.6% from 2002.
- Nearly one-third (30%) of Hispanic-owned businesses operated in the construction, repair and maintenance, and personal and laundry services industries.
- Wholesale trade, construction and retail trade accounted for 50.8% of Hispanic-owned business revenue.