Latino-Owned Businesses Increase And Give Boost to Economic Growth In The U.S.

There's no argument that 2011 was a tough year for Latinos but their might be a light at the end of the tunnel.

Despite a stubborn unemployment rate for Latinos reaching 11.4 percent last month, Hispanic-owned businesses are growing at more than double the national rate, according to reports by the U.S. Census Bureau.

According to Forbes, this trend has been sustained for at least the last decade and manifests itself both in the growing number and size of Latino-owned businesses. During the latest 5-year period for which information is available from the Census Bureau, revenue from Latino owned businesses jumped by an astonishing 55 percent to nearly $350 billion.

"Latino-owned businesses are expected to increase their total revenue contribution to the economy by 8% annually over the 10 years from 2005 to 2015. This is more than three times the average growth for all businesses. Already this trend has had a major impact in states with large Latino populations. For example, more than 20 % of all businesses in New Mexico, Florida and Texas are owned by Latinos, and even in the state with the largest economy, California, the figure is fast approaching 20%."

One example of this trend is Minnesota, which has seen a boom in Latino-owned businesses. The state now has 205,896 residents identified as Latinos, compared to 195,138 one year ago, according to the Census Bureau.

The proud owner of Express Janitorial Services, Jesus Gutierrez, said: "I was an employee a couple years ago, and I got a lot of experience, and in the meantime I decide to be more successful on my own." Gutierrez, a Mexican native, moved to the Midwest to take advantage of the economy. In the last few years, Minnesota has welcomed more than 1,000 new Latino business owners, WDAY reports.

If this trend continues, Hispanics will not only be the fastest growing minority in the U.S. but also have some economic clout in helping to shore up the economy.

Comments

[Quiet Riot]

09:43 AM on 01/02/2012

Latino owned businesses that advertise or have signage in spanish only boost anti-Latino sentiments. This is not a boon to the overall economy and most other ethnic groups have and will continue to stay away in large numbers until deportations of illegals starts in earnest in the U.S.. The only thing that allows Latino businesses to thrive in their communities is the same type of exploitation of the illegal alien community that is pervasive across the U.S. and needs to come to an end. Without the support of illegal subversives trying to evade detection in the U.S. these businesses would largely fail or stagnate, that is why they are complicit in hiding illegals in their communities and usually support the activities of illegals against our government and our people.

[RobietheCat]

06:28 PM on 01/01/2012

1. How do you define 'Latino-owned?'

2. Since many illegals have either stopped coming to the US, or self-deported, doesn't this fly in the face of the all dire claims of economic calamity if the US started enforcing immigration law?

You can't have it both ways.

[bpalmer342]

09:36 AM on 01/01/2012

By latinos.......... for latinos

[Fred Bronson]

08:53 AM on 01/01/2012

I would like to know where they get their data ? Here in NC latino, hispanic owned buisnesses are starting like wild fires in Texas, most buy their products from mexico based supplires, all hire only other hispanic employes. Several even arrange for and work to smuggle other hispanics in from their countries, as was a case here where a framing company's owners were arrested on those very charges. Then their is the sending of American dollars back to their own countries, the money is not being spent here.
The government is forcing these people on the American public, the only reason they are not going after and deporting more illegals is they fear riots, li,e that back in 1992, in CA., they ate scared to death they did not act sooner
Frederick Bronson NC

[BrokeInSoCal]

12:33 AM on 01/01/2012

yeah! more mobile tamale carts and fish taco rv's.

[troothspeeks]

12:33 AM on 01/02/2012

Maybe youll get that second career brokeinsocal.

[rangermax7]

06:41 PM on 12/31/2011

Well done http://unitedboxingstudio.blogspot.com/

[chevyliddle]

10:14 PM on 12/31/2011

spam!!

[rangermax7]

06:40 PM on 12/31/2011

visit http://unitedboxingstudio.blogspot.com/

[inthedesert]

06:24 PM on 12/31/2011

I would question the figures given in this article. And that would be because "American Business" loves illegals and they do not want E-Verify to become the standard for identifying illegals. Illegals work for less, for more hours and the employers do not have to pay them benefits for healthcare, etc. The taxpayers take care of all that stuff. Illeglas will never complain about working conditions too. To do so would mean "no job". Illegals are a win-win for Wall Street/the business community because the bottom line FOR ALL BUSINESSES is all about REDUCING COSTS AND INCREASING PROFITS. This is what capitalism is all about.

[mericart]

06:50 PM on 12/31/2011

You are right that corporate America exploits immigrants. Which is more the reason we should give the immigrants legal status so they can demand fair treatment.

[chevyliddle]

10:17 PM on 12/31/2011

Being illegal hasn't stopped them from demanding anything yet. I don't know why legalizing them would make a difference.

[pnllsprkf]

06:05 PM on 12/31/2011

good for them---alot of them know what poverty is and when given the chance to work-they work hard-they will do alot of the work that others won't=so it only stands to reason that they should get ahead==they still believe in the American dream

[freerangevoter]

05:48 PM on 12/31/2011

Another article promoting racial division, class-warefare and throwing cold water on the melting-pot.

[genealogylover]

01:57 PM on 12/31/2011

Fastest growing ILLEGAL minority in the US.

[rich08533]

12:42 PM on 12/31/2011

I am a 3rd generation Euro American. I never read anything about them. Perhaps because when a culture assimilates into society they become that society. The Puerto Rican came here by the millions in the 60s and 70s. Now they are part of society and people dont refer to them as Puerto Rican business owners, or Puerto Rican lawyers, or Puerto Rican news anchors, or Puerto Rican entertainers.
Our problem is not with latinos................Its will illegal aliens! If we are not going to send them home, lets make them legal so they pay taxes and have drivers license and car insurance.

[genealogylover]

02:02 PM on 12/31/2011

You are incorrect. The PR's Are among the Latino's everyone talks about. Latino's does Not just mean Mexicans in the US. When you hear talk of Latino's you are hearing about PR's. Most PR's have Not assimilated but hold on to their old ways . i.e. Marrying BLACKS and speaking Spanish in public instead of English. Soon there will not be any White PR's left but only Mixed with Black PR's. Sad.

[mericart]

06:55 PM on 12/31/2011

What's wrong with people having their own culture and language? In your mind probably only the "European culture" is legitimate. Sorry, but America is not a white country. People of other race and culture are just important a part of America.

[rich08533]

12:17 PM on 12/31/2011

Is anyone from OWS listning?
I guess not....too busy having a party and complaining that someone needs to take care of them.

[Yankeebrown]

11:48 AM on 12/31/2011

Jesus! So many haters even when the news is positive.

[tonycgi]

10:23 AM on 12/31/2011

GDP last quarter, adjusted to 1.89% real growth?