Posts tagged “latino”

Latino-owned businesses add to economy

Days after blogging about the dramatic impact of Latino culture, there’s a front page story in the SF Chron about Latino-owned businesses.

Theirs is one of a increasing number of Latino-owned businesses in California and across the country that reflect the nation’s growing Latino population. The number of Latino-owned businesses in the United States grew by 31 percent between 1997 and 2002, more than three times the rate for all businesses. In California, Latino businesses grew 27 percent, more than twice as much as businesses overall, according to a report released Tuesday by the U.S. Census Bureau.

“It illustrates that the contribution they make to the economy is growing rapidly,” said Lee Wentela, chief of the bureau’s economic census branch. He said 15 percent of all California businesses are owned by Latinos.

Indeed, the vast majority of Latino entrepreneurs nationally have only themselves on the payroll — 87 percent versus 75 percent for all businesses.

The impact of Latinos on California and its economy is deepening. In 1997, 336,405 Latino-owned businesses took in $51.7 billion in California. In 2002, the 427,727 Latino-owned businesses in California had $57.2 billion in sales and other receipts, a 27 percent rise in the number of businesses and an 11 percent increase in their economic impact.

In 1997, Latinos accounted for 9.8 million or 30 percent of Californians. By 2002, their number had risen 21 percent to 11.9 million, and they made up 34 percent of California’s population. Nationwide, the Latino population grew 33 percent, from 29.2 million to 38.8 million, or 13 percent of the total population.


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