Hispanic-owned Businesses Show Fastest Growth Rate

The 31 percent growth rate in the number of Hispanic-owned businesses between 1997 and 2002 was three times the national average for all U.S. businesses, according to a new report released yesterday by the Census Bureau.

According to the report, Survey of Business Owners: Hispanic-Owned Firms: 2002 [PDF], nearly 1.6 million businesses generated nearly $222 billion in revenue, up 19 percent from 1997. In 2002, there were 29,184 Hispanic-owned firms with receipts of $1 million or more.

“The growth we see in Hispanic-owned businesses illustrates the changing fabric of American’s business and industry,” said Census Bureau Director Louis Kincannon in a press release. “With Hispanic businesses among the fastest growing segments of our economy, this is a good indicator of how competitiveness is driving the American economy.”

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