Hispanic-owned Businesses Increase by 750,000 in Three Years, Fifteen Times the National Growth Rate
Hispanic-owned businesses will surpass 4 million nationally by the
end of the year, contributing $661 billion in combined annual revenue
MIAMI & HOUSTON–(BUSINESS WIRE)–There will be over 4 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
USHCC National Convention, taking place this week in Houston.
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
socioeconomic 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 business 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
About Geoscape:
Geoscape provides automated intelligence systems, unique data products
and analytic services for companies seeking to tap into the growth of
new mainstream consumers in the U.S., Canada and Europe. The online
Geoscape Intelligence System (GIS), the DirecTarget® database enrichment
system and a variety of geo-demographic, consumer, business and media
databases enable actionable insights that lead our clients to gain
significant business advantages. Geoscape is a privately held company
owned by NMS Capital and Cesar M Melgoza, Founder & CEO, and is
headquartered in Miami.
About the USHCC
Founded in 1979, the USHCC actively promotes the economic growth and
development of Hispanic entrepreneurs and represents the interests of
over 3 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.
Contacts
PAN Communications
Adam Novak, 617-502-4300
geoscape@pancomm.com
