ACROSS MISSISSIPPI — Hispanics are starting and growing more businesses than all other ethnic groups, according to a study released by Geoscape, a leading provider of business intelligence technology, data and analytics, and published in partnership with the U.S. Hispanic Chamber of Commerce.
The fastest-growing areas for Hispanic business activity are the East-South-Central and South Atlantic regions, comprised of Alabama, Mississippi, Kentucky and Tennessee and the Carolinas. This year, the combined annual revenue of Hispanic-owned businesses is projected to exceed $486 billion – an increase of $18 billion in the past year.
The Hispanics in Business 2014 study details the impact of Hispanic businesses ownership, entrepreneurship and wealth. It contains data sourced from Geoscape, the U.S. Census, Nielsen Scarborough, the U.S. Department of Commerce and the Kauffman Index of Entrepreneurial Activity.
The study revealed that the total number of Hispanic-owned businesses is projected to reach 3.22 million in 2014, an increase of 43 percent since 2007. This total is more than twice the rate of all U.S. businesses, which increased 18 percent during the same period.
“Hispanics are a critical component of the U.S. Economy, due to their greater propensity for starting and growing businesses,” said Javier Palomarez, president and CEO of the U.S. Hispanic Chamber of Commerce. “Our Hispanic business population is a driving force in American business that will continue to grow in success, stature and influence. All Americans must recognize their importance to our country’s greater economic success.”