By: E&P Staff In the latest documentation of growing Hispanic economic power, the U.S. Census Bureau reported Tuesday that Hispanic-owned businesses grew 31% between 1997 and 2002 -- three times the national average for all businesses.
The kind of businesses Hispanics are starting could be good news for local newspapers: Nearly 30% of the Hispanic-owned firms in 2002 were construction and other service businesses that need to advertise locally such as such as repair, maintenance, and personal services.
In 2002, there were nearly 1.6 million Hispanic-owned businesses generating total revenues of about $222 billion, a 19% increase from 1997.
The states with the fastest rates of growth for Hispanic-owned firms between 1997 and 2002 included New York (up 57%), Rhode Island and Georgia (each up 56%), and Nevada and South Carolina (each up 48%).
Los Angeles County in California was the county with the highest number Hispanic-owned firms with 188,472, followed by Miami-Dade County, Florida, with 163,188; Harris County, Texas, with 61,934; and Bronx County, New York, with 38,325.
People of Mexican origin accounted for more than 44% of all Hispanic-owned firms, the Census said.
The complete report, titled "Survey of Business Owners: Hispanic-Owned Firms: 2002," is available on the Census Bureau's
Web site.
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