Hispanic Businesses and Entrepreneurs Drive Growth in the New Economy

Hispanic Businesses and Entrepreneurs Drive Growth in the New Econom by Geoscape, a demographics data company, and the U.S. Hispanic Chamber of Commerce, offers findings on the growth and impact of Hispanic entrepreneurs and the businesses they create through rigorous analysis of public data resources such as Census data as well as proprietary data resources and economic modeling from Geoscape. It projects there will be nearly 3.2 million Hispanic-owned businesses in the U.S. in 2013, up from nearly 1.7 million in 2002. It also forecasts that the number of Hispanic-owned businesses in what it calls the South Atlantic region (Maryland, Virginia, West Virginia, the Carolinas, Georgia, Florida) will surpass the number in the Pacific region, which includes the West Coast and Alaska and Hawaii. The study projects that there will be more than 866,000 Hispanic-owned businesses in the South Atlantic in 2013, compared with nearly 796,000 in the Pacific. The surge in Hispanic-owned businesses reflects the rapid growth of the Hispanic population. The number of Hispanics counted in the U.S. census in 2012 rose 2.2 percent from 2011 to 53 million. The report states that, as America continues to evolve towards a truly multicultural nation, the role of Hispanic entrepreneurs will become increasingly vital to maintaining the American standard of living and our ongoing innovation. 

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