Hispanic businesses increasingly critical to U.S. Economy
This week Geoscape released our 2017 Hispanics in Business Report (to download fill out the form click here). This is the fifth annual report on the subject and the trend is clear; Latinos are forming businesses at more than twice the rate as the population overall. Hispanic-owned businesses now number 4.4 million and are contributing $709 billion to GDP during 2017. Latinas in particular are driving new business formation with an 87 percent increase since 2012, now leading 1.5 million enterprises.
There are many reasons for this strong trend. Among them is the fact that the Hispanic population has seen tremendous growth over recent decades – now responsible for 61 percent of U.S. population growth since 2010. You can read more about these population trends by downloading our AMDS Executive Summary report [click here to fill out the form for the free download]. Related to this is that the bulk of Latinos are in workforce age cohorts – that is, they are under-represented among the elderly and retired population groups and over-represented in school-age and working age population groups.