Better Business: How Hispanic Entrepreneurs are Beating Expectations and Bolstering the U.S Economy

Hispanic Americans have increased their rates of self-employment over the past three decades and, as a result, helped prevent worse economic fallout during the recent recession. These are the major findings of Better Business: How Hispanic Entrepreneurs Are Beating Expectations and Bolstering the U.S. Economy.

The report uses data from the U.S. Census, American Community Survey and the Survey of Business Owners to show that Hispanic Americans are turning to entrepreneurship at a rate that outstrips both their birth rate and the non-Hispanic self-employment rate. For instance, the number of Hispanic entrepreneurs rose from 577,000 to more than two million between 1990 and 2012, which is 18 times faster than the growth of non-Hispanic American entrepreneurs. Among Hispanic immigrants, entrepreneurship growth more than quadrupled particularly among immigrants from Mexico. Such high rates of entrepreneurship were seen even during the recession when the national unemployment rate would have increased by 0.4 percent without the jobs created by Hispanic-owned businesses. The report profiles several successful Hispanic American entrepreneurs whose businesses have had significant economic impact on their communities. The data and profiles underscore the rising importance of Hispanic Americans although the authors note the lack of political support for measures to help Hispanics grow their businesses.

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Get more information from Partnership for a New American Economy.