(AmericanProsperity.com) – Latinos are opening more small businesses and are the fastest-growing group of entrepreneurs in the United States.
According to a study of Latino-owned businesses conducted by Stanford University, Latino business owners grew 34% over the last 10 years. Only 1% of all other entrepreneurs over the same period saw growth.
CNBC anchor Carl Quintanilla said on Twitter in 2018:
“One in four new businesses, traditionally key sources of new jobs, is now Latino-owned. Quite simply, small business growth is tied to the fortunes of Latino-owned businesses.” https://t.co/LrONSTiAS8
— Carl Quintanilla (@carlquintanilla) November 13, 2018
Latino business owners now contribute $500 billion to the US economy in annual sales. Additionally, 3 million people were employed by these businesses in 2019. In total, Latino-owned businesses make up approximately 4% of all US business revenues and 5.5% of employment.
Latino business owners are also younger than their non-Latino counterparts — 33% are younger than 45 years old while only 22% of other entrepreneurs are younger than 45.
For every 100,000 Latino adults, on average, 510 started a business every month in 2018.
~Here’s to Your Prosperity!
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