Hispanic-Owned Businesses Growing in the US

According to a new report released by the Census Bureau, Hispanic-owned businesses now comprise one of the fastest-growing segments the U.S. economy. Between 1997 and 2002, the number of businesses owned by Hispanics grew by 31 percent, reaching 1.6 million in 2002 and generating more thab $200 billion in revenue.

These numbers demonstrate the fact that Hispanics don't only come to the US to take jobs. They also create them. The majority of these businesses are small, self-employed operations. There are also sizable numbers of Hispanic-owned firms in the fields of health care, retail trade and transportation, according to Census figures.

Many of these businesses are growing in unexpected places. While most are still in California, Texas, Florida and New York, the states where Hispanic-owned firms are growing at the fastest rate, after New York, are Rhode Island and Georgia, followed by Nevada and South Carolina.


Latinos are also responding to globalization. It transforms not only their communities in the US but also redefines their relationships with their countries of origin.

For more insightful research about the Hispanic community on topics such as economics, health and education visit the Thomas Rivera Institue at: http://www.trpi.org/update/research.html

Why learn Spanish?

With the number of Spanish speakers growing every year, businesses and individuals should consider adding Spanish to their range of skills. Latino population in Florida represents 21% and it is stimated to grow steadily.

Here are some interesting facts:

1. Approximately 500 million people speak Spanish in the world.

2. Spanish is the first language spoken by approximately 350 million people in 21 countries.

3. Spanish is the second language used as international vehicle of communication. It is widely used in business transactions, which can get you ahead of the game when doing business with Spanish speaking countries.

4.According to www.census.gov, 41.3 million is the estimated Hispanic population in the US, which constitutes the largest minority group in the country. By 2050, they project this number to be 102.6 million, which will then represent 24% of the total US population.

5. Latinamerican countries are experiencing an important economic growth and they are becoming key business partners.