Growth of Hispanic-Owned Businesses
Triples the National Average
Washington, D.C. — The number of
Hispanic-owned businesses grew 31 percent between 1997
and 2002 — three times the national average for all
businesses — according to a new report,
Survey of Business Owners: Hispanic-Owned Firms: 2002
[PDF], released today by the U.S. Census Bureau. The
nearly 1.6 million Hispanic-owned businesses generated
nearly $222 billion in revenue, up 19 percent from 1997.
“The Economic Census gives an accurate picture
of America’s 23 million businesses. The growth we see in
Hispanic-owned businesses illustrates the changing
fabric of American’s business and industry. With
Hispanic businesses among the fastest growing segments
of our economy, this is a good indicator of how
competitiveness is driving the American economy,” said
Census Bureau Director Louis Kincannon.
- In 2002, nearly 3-in-10 Hispanic-owned firms
operated in construction and other services, such as
personal services, and repair and maintenance.
- In 2002, firms owned by people of Mexican origin
accounted for more than 44 percent of all
- Retail and wholesale trade accounted for 36
percent of Hispanic-owned business revenue.
- There were 29,184 Hispanic-owned firms with
receipts of $1 million or more.
- There were 1,510 Hispanic-owned firms with 100
employees or more, generating more than $42 billion
in gross receipts.
- States with the fastest rates of growth for
Hispanic-owned firms between 1997 and 2002 included
New York (57 percent), Rhode Island and Georgia (56
Nevada and South Carolina (48 percent each).
- Counties with the highest number of
Hispanic-owned firms were Los Angeles County, Calif.
(188,472); Miami-Dade County, Fla. (163,188); Harris
County, Texas (61,934); and Bronx County, N.Y.
The 2002 Survey of Business Owners
(SBO) defines Hispanic-owned businesses as firms in
which Hispanics own 51 percent or more of the stock or
equity of the business. Separate reports on other
minority-owned businesses will be issued over the coming
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The SBO is part of the 2002 Economic
Census and combines survey data from a sample of
more than 2.4 million businesses with administrative
Data for 2002 are not directly comparable to
previous survey years because of several significant
changes to the survey methodology.
The data collected in a sample survey are subject
to sampling variability as well as nonsampling
errors. Sources of nonsampling errors include errors
of response, nonreporting and coverage.