GITNUX MARKETDATA REPORT 2024

Hispanic Owned Businesses Statistics [Fresh Research]

With sources from: census.gov, nbcnews.com, latinpost.com, newsroom.bankofamerica.com and many more

In this post, we will explore the significant impact and impressive growth trends of Hispanic-owned businesses in the United States. With a myriad of compelling statistics highlighting their success and contribution to the economy, it’s clear that Hispanic entrepreneurs are thriving and driving innovation across various industries. From revenue expectations to job creation rates, we will delve into the data that showcases the resilience and entrepreneurial spirit of this vibrant business community.

Statistic 1

"86% of Hispanic business owners expect revenue increases, compared to 75% of general business owners."

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Statistic 2

"The growth rate of Hispanic-owned businesses is highest among all demographic groups."

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Statistic 3

"In the U.S., there are approximately 4.65 million Hispanic-owned businesses."

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Statistic 4

"12% of Hispanic business owners indicate obtaining financing as a top challenge."

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Statistic 5

"Hispanic-owned businesses are 50% more likely to export compared to non-Hispanic-owned businesses."

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Statistic 6

"Hispanic-owned businesses are found predominantly in California, Texas, and Florida."

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Statistic 7

"Hispanic-owned businesses have twice the rate of self-employment compared to non-Hispanic whites."

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Statistic 8

"55% of Hispanic-owned businesses have an online presence compared to 64% of non-Hispanic businesses."

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Statistic 9

"Hispanic business owners are 35% more likely to identify expanding into new markets as a priority."

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Statistic 10

"Hispanic-owned businesses have a higher rate of innovation, with 76% introducing new products or services."

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Statistic 11

"Hispanic-owned companies experienced job growth of 14%, compared to 6% for White-owned businesses."

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Statistic 12

"Hispanic-owned businesses contribute over $700 billion to the U.S. economy annually."

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Statistic 13

"Hispanic-owned startups grew 3.3% per year, compared to 1.8% for the total U.S. population."

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Statistic 14

"Hispanic-owned firms generate an average annual revenue of $258,702."

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Statistic 15

"More than 80% of Hispanic-owned businesses are family-owned."

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Statistic 16

"Hispanic-owned businesses have grown by 34% over the last 10 years."

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Statistic 17

"Hispanic-owned businesses are mostly concentrated in the construction, healthcare, and retail sectors."

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Statistic 18

"64% of Hispanic-owned firms report they will grow within the next year."

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Statistic 19

"29% of Hispanic business owners are women."

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Statistic 20

"The number of Hispanic female-owned businesses has grown by over 87% since 2007."

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Interpretation

The statistics presented demonstrate the significant impact and potential of Hispanic-owned businesses in the United States. With a strong focus on revenue growth, innovation, job creation, and contribution to the economy, these businesses are thriving and poised for further expansion. Despite facing challenges such as financing and online presence, Hispanic entrepreneurs exhibit determination and resilience in pursuing growth opportunities, particularly in sectors like construction, healthcare, and retail. The increasing representation of Hispanic women in business ownership further highlights the diversity and dynamic nature of this entrepreneurial community. As Hispanic-owned businesses continue to show impressive growth rates and economic contributions, they play a vital role in shaping the business landscape and driving innovation across various sectors.

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