Hispanic-owned businesses have nearly doubled over the last decade, a rate more than twice than the average national business growth rate during that period, according to a new study released Friday.
The study, commissioned by the U.S. Hispanic Chamber of Commerce in conjunction with Geoscape, a company that crunches demographic data, analyzed Census stats to project that the count of Hispanic-owned businesses in the country has skyrocketed to 3.2 million, up from nearly 1.7 million in 2002.
The business trend reflects the spike in the country’s Latino population — now up to 53 million. The chamber’s study showed Latino businesses grew on average at nearly 7 percent annually from 2007 to 2013, compared to the average 3 percent overall business growth rate. READ MORE
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