Fueled by an entrepreneurial spirit that’s reshaping the American economy, Hispanic-owned businesses are not just thriving but are a dominant and accelerating force, as evidenced by their explosive 34% growth from 2017 to 2021—a rate that dramatically outpaced the 6% growth of all U.S. firms.
Key Takeaways
- In 2021, there were 4.65 million Hispanic-owned businesses in the US, representing 12.5% of all businesses
- Hispanic-owned firms increased by 34% from 2017 to 2021, outpacing overall business growth of 6%
- 84% of Hispanic-owned businesses are non-employer firms as of 2021
- In 2021, Hispanic-owned businesses generated $800 billion in revenue
- Hispanic firms contributed 12% to US private sector payrolls in 2021
- Average revenue per Hispanic-owned employer firm was $1.2 million in 2021
- Hispanic-owned firms employed 3.2 million workers in 2021
- Hispanic businesses paid out $94 billion in annual payroll to 3.2 million employees in 2021
- Average payroll per Hispanic employee was $29,400 in 2021
- Hispanic-owned businesses grew 44% from 2012 to 2021
- Employer Hispanic firms surged 54% from 2017 to 2021
- Revenue of Hispanic firms rose 76% from 2017 to 2021
- 65% of Hispanic owners are under 55 years old in 2021
- 42% of Hispanic business owners have college degrees in 2021
- 38% of Hispanic owners are immigrants
Hispanic-owned businesses are growing rapidly and making huge economic contributions.
Business Counts and Ownership Rates
1In 2021, there were 4.65 million Hispanic-owned businesses in the US, representing 12.5% of all businesses
Verified2Hispanic-owned firms increased by 34% from 2017 to 2021, outpacing overall business growth of 6%
Verified384% of Hispanic-owned businesses are non-employer firms as of 2021
Verified4Texas had the highest number of Hispanic-owned businesses at 969,801 in 2021
Directional5California followed with 928,512 Hispanic-owned firms in 2021
Single source6Florida ranked third with 587,265 Hispanic-owned businesses in 2021
Verified7In 2012, Hispanic-owned businesses numbered 3.3 million, up 43% from 2007
Verified8Hispanic women own 1.3 million businesses, comprising 28% of all Hispanic-owned firms in 2021
Verified916% of Hispanic-owned businesses are employer firms with paid employees in 2021
Directional10New Mexico had the highest share of Hispanic-owned businesses at 32.3% of all firms in 2021
Single source11Hispanic-owned businesses grew fastest in North Dakota by 70% from 2017-2021
Verified12In 2020, Hispanic-owned firms reached 4.7 million amid pandemic resilience
Verified13Puerto Rican-owned businesses numbered 142,000 in 2012
Verified14Mexican-American owned firms dominated with 84% of Hispanic ownership in 2012
Directional152.35 million Hispanic-owned non-employer businesses existed in 2021
Single source16Hispanic-owned businesses accounted for 14% of US GDP contribution in certain sectors in 2021
Verified17Growth in Hispanic-owned firms was 8% annually from 2012-2021
Verified181.1 million Hispanic-owned businesses in construction industry in 2021
Verified19Retail trade saw 528,000 Hispanic-owned firms in 2021
Directional20Professional services had 452,000 Hispanic-owned businesses in 2021
Single source21In 2007, Hispanic-owned firms totaled 2.3 million
Verified22Cuban-owned businesses numbered 227,000 in 2012
Verified23Dominican-owned firms reached 52,000 in 2012
Verified2410.5% of all US employer businesses were Hispanic-owned in 2021
Directional25Hispanic-owned firms in admin/support services: 312,000 in 2021
Single source26Food services/beverage had 178,000 Hispanic-owned businesses in 2021
Verified27Other services sector: 412,000 Hispanic firms in 2021
Verified28Health care/social assistance: 289,000 Hispanic-owned in 2021
Verified29Real estate/rental: 378,000 Hispanic firms in 2021
Directional30Hispanic-owned businesses in NY state: 512,000 in 2021
Single sourceBusiness Counts and Ownership Rates Interpretation
With over 4.6 million businesses proving that hustle runs in the family, Hispanic-owned firms are not just growing at a blistering pace but are fundamentally reshaping the American economy, all while 84% of them are still doing the heavy lifting without a single employee.
Demographics and Characteristics
165% of Hispanic owners are under 55 years old in 2021
Verified242% of Hispanic business owners have college degrees in 2021
Verified338% of Hispanic owners are immigrants
Verified4Mexican-Americans represent 72% of Hispanic owners in 2021
Directional5Puerto Rican owners: 12% of total Hispanic businesses
Single source628% of Hispanic firms are women-owned, highest among minorities
Verified7Average age of Hispanic owner: 47 years in 2021
Verified856% of Hispanic owners are bilingual English-Spanish
Verified9Urban areas host 88% of Hispanic businesses
Directional1022% of Hispanic firms are second-generation family-owned
Single source11Top industries for young Hispanic owners (under 35): tech and retail, 45% share
Verified1215% of Hispanic owners are veterans
Verified1331% of Hispanic firms located in high-poverty areas
Verified14Central/South American owners: 9% of Hispanic total
Directional1567% of Hispanic owners self-identify as entrepreneurs primarily
Single source16Bilingual owners report 20% higher revenue growth
Verified1748% of Hispanic owners have 10+ years business experience
Verified18Gen Z Hispanic owners tripled 2018-2022
Verified1976% of Hispanic firms are sole proprietorships
Directional20Family involvement in 62% of Hispanic businesses
Single source2134% of owners from households earning under $50k prior to business
Verified22Cuban-Americans have highest average firm receipts among subgroups
Verified2341% of Hispanic owners multitask multiple businesses
Verified24Rural Hispanic owners skew older, average 52 years
DirectionalDemographics and Characteristics Interpretation
Fueled by immigrant hustle and bilingual agility, America's youngest and fastest-growing entrepreneurial force is rewriting the startup playbook from city storefronts to tech startups, often while running multiple ventures and leaning on family ties.
Employment and Workforce
1Hispanic-owned firms employed 3.2 million workers in 2021
Verified2Hispanic businesses paid out $94 billion in annual payroll to 3.2 million employees in 2021
Verified3Average payroll per Hispanic employee was $29,400 in 2021
Verified4Construction Hispanic firms employed 1.05 million workers in 2021
Directional5Admin/support services Hispanic employment: 728,000 in 2021
Single source6Food services/beverage Hispanic jobs: 512,000 in 2021
Verified7Retail trade Hispanic employment: 458,000 in 2021
Verified8Other services Hispanic workers: 412,000 in 2021
Verified9Professional/scientific services: 389,000 Hispanic-employed in 2021
Directional10Real estate/rental/lease: 312,000 employees in Hispanic firms 2021
Single source11Health care/social assistance: 298,000 Hispanic firm jobs in 2021
Verified12Wholesale trade: 215,000 employees in Hispanic businesses 2021
Verified13Transportation/warehousing: 189,000 Hispanic firm workers 2021
Verified14Manufacturing: 165,000 employees in Hispanic firms 2021
Directional15Accommodation: 142,000 jobs in Hispanic businesses 2021
Single source1655% of Hispanic-owned employer firms had fewer than 10 employees in 2021
Verified1722% of Hispanic firms employed 10-19 workers in 2021
Verified18Only 1.2% of Hispanic firms had 500+ employees in 2021
Verified19Hispanic firms in Texas employed 912,000 workers in 2021
Directional20California Hispanic businesses jobs: 875,000 in 2021
Single source2168% of employees in Hispanic-owned firms were Hispanic in 2021
Verified22Female-owned Hispanic firms employed 450,000 workers in 2021
Verified23In 2017, Hispanic firms employed 2.9 million with $78 billion payroll
Verified24Finance/insurance Hispanic employment: 112,000 in 2021
Directional25Educational services: 89,000 jobs in Hispanic firms 2021
Single source26Arts/entertainment: 78,000 Hispanic firm employees 2021
VerifiedEmployment and Workforce Interpretation
Hispanic-owned businesses, often operating with the humble tools of a taco truck and a construction crew, are quietly propping up the entire American economy for 3.2 million people to the cheerful tune of $94 billion a year.
Growth Rates and Trends
1Hispanic-owned businesses grew 44% from 2012 to 2021
Verified2Employer Hispanic firms surged 54% from 2017 to 2021
Verified3Revenue of Hispanic firms rose 76% from 2017 to 2021
Verified4Payroll growth in Hispanic firms: 63% increase 2017-2021
Directional5Employment in Hispanic businesses up 58% from 2017-2021
Single source6Hispanic firm growth outpaced white-owned by 3x from 2012-2021
Verified7During COVID-19, Hispanic businesses declined only 5% vs 22% overall in 2020
Verified8Hispanic-owned startups increased 25% yearly 2018-2022
Verified9Second-generation Latinos started firms at 1.5x rate of first-gen 2021
Directional10Tech sector Hispanic firms grew 92% 2012-2021
Single source11E-commerce Hispanic businesses up 120% since 2019
Verified12Hispanic women-owned firms grew 55% 2017-2021
Verified13Construction Hispanic growth: 62% 2017-2021
Verified14Food services recovery: 45% growth post-2020
Directional15Projected Hispanic firm count to hit 6 million by 2025
Single source16Survival rate of Hispanic startups: 82% after year 1 vs 79% average
Verified17Hispanic firms in renewables grew 78% 2015-2021
Verified18Exporting Hispanic firms up 35% 2017-2021
Verified19Franchised Hispanic businesses increased 28% 2019-2022
Directional20Digital adoption in Hispanic firms: 65% growth 2020-2022
Single source21Rural Hispanic firm growth: 48% 2017-2021
Verified22Urban Hispanic growth: 52% 2017-2021
Verified23Veteran-owned Hispanic firms up 22% 2017-2021
VerifiedGrowth Rates and Trends Interpretation
Hispanic-owned businesses aren't just growing; they're sprinting past benchmarks, weathering storms with startling resilience, and quietly building an economic powerhouse that laughs in the face of conventional downturns.
Revenue and Economic Impact
1In 2021, Hispanic-owned businesses generated $800 billion in revenue
Verified2Hispanic firms contributed 12% to US private sector payrolls in 2021
Verified3Average revenue per Hispanic-owned employer firm was $1.2 million in 2021
Verified4Construction sector Hispanic firms generated $172 billion in 2021
Directional5Retail trade Hispanic businesses receipts totaled $141 billion in 2021
Single source6Administrative services Hispanic firms earned $104 billion in 2021
Verified7In 2017, Hispanic-owned firms had $470 billion in receipts
Verified8Hispanic-owned employer firms paid $94 billion in payroll in 2021
Verified9Food services Hispanic businesses generated $48 billion revenue in 2021
Directional10Professional services Hispanic firms receipts: $112 billion in 2021
Single source11Real estate Hispanic-owned revenue: $98 billion in 2021
Verified12Health care Hispanic firms: $72 billion receipts in 2021
Verified13Other services Hispanic revenue: $65 billion in 2021
Verified14Hispanic businesses contributed $2.8 trillion to GDP over 2012-2021 period
Directional15In 2021, top 1% Hispanic firms generated 25% of total Hispanic revenue
Single source16Manufacturing Hispanic firms receipts: $55 billion in 2021
Verified17Wholesale trade Hispanic revenue: $82 billion in 2021
Verified18Transportation Hispanic firms: $38 billion receipts in 2021
Verified19Arts/entertainment Hispanic revenue: $22 billion in 2021
Directional20Accommodation Hispanic firms: $31 billion in 2021
Single source21Educational services Hispanic revenue: $18 billion in 2021
Verified22Waste management Hispanic receipts: $12 billion in 2021
Verified23Mining/quarry Hispanic revenue: $8 billion in 2021
Verified24Utilities Hispanic firms: $4 billion receipts in 2021
Directional25Information sector Hispanic revenue: $25 billion in 2021
Single source26Finance/insurance Hispanic receipts: $42 billion in 2021
VerifiedRevenue and Economic Impact Interpretation
While some might still lazily view Hispanic-owned businesses as just taco trucks and construction crews, the $800 billion revenue and $2.8 trillion GDP contribution prove they are, in fact, the robust and diversified economic engine America has been casually sipping its café con leche from.
Sources & References
- Reference 1CENSUScensus.govVisit source
- Reference 2ADVOCACYadvocacy.sba.govVisit source
- Reference 3LEHleh.stanford.eduVisit source
- Reference 4GSBgsb.stanford.eduVisit source
- Reference 5FEDERALRESERVEfederalreserve.govVisit source
- Reference 6ENERGYenergy.govVisit source
- Reference 7TRADEtrade.govVisit source
- Reference 8FRANCHISEfranchise.orgVisit source
- Reference 9PEWRESEARCHpewresearch.orgVisit source