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In recent years, Hispanic-owned businesses have shown sustained growth, establishing themselves as a crucial economic force in the United States. According to a recent report from The Office of Advocacy, Hispanic entrepreneurs are generating jobs, driving multimillion-dollar sales, and expanding into key sectors of the economy.
Key Figures of Hispanic Growth
As of 2021, there were over 5.1 million majority Hispanic-owned businesses in the U.S., representing 15.4% of all firms in the country. These businesses employed nearly 3 million workers and paid $124.4 billion in annual payroll. Through their operations, Hispanic-owned firms generated an impressive $766.8 billion in sales, solidifying their role as a cornerstone of the economy.
Moreover, employer firms, totaling over 400,000, were responsible for generating $572.9 billion in sales, while nonemployer firms contributed $193.9 billion.
Diversity Across Industries
Hispanic businesses are not only increasing in number but also diversifying across key sectors. Areas with the highest representation of Hispanic owners include transportation and warehousing, construction, and administrative support. These sectors have traditionally been strong for Hispanic entrepreneurs, who have become significant players in the country’s economic infrastructure.
However, sectors like real estate, agriculture, mining, and management still show lower representation of Hispanic owners, suggesting opportunities for those looking to enter these markets.
Top Sectors:
-Administrative Support and Waste Management: 26.2%
-Transportation and Warehousing: 24.8%
-Construction: 24.2%
Profile of the Hispanic Entrepreneur
The diversity within Hispanic business owners is also noteworthy. In 2022, 49.2% of Hispanic owners were of Mexican descent, while Cuban owners represented 8.3%, and Puerto Rican owners accounted for 7.7%. Other Hispanic nationalities, such as Dominicans, Colombians, and Salvadorans, also play a prominent role in the entrepreneurial landscape.
This growth is not only driven by the creation of new businesses but also by their ability to remain competitive, innovative, and resilient in the dynamic economic environment of the U.S.
The impact of Hispanic businesses continues to rise. In 2022, Hispanic entrepreneurs represented 14.5% of all business owners in the U.S., marking a 13% increase from the previous year. This rapid growth demonstrates the vitality of this group within the country’s economy, standing out for their ability to generate jobs, increase sales, and solidify their presence across multiple sectors.
Join the Toro Taxes Family of Entrepreneurs
If you’re interested in being part of this unstoppable growth and becoming the owner of your own business, now is the perfect time to join Toro Taxes. By becoming a franchisee, you’ll connect with a dynamic community of Hispanic entrepreneurs who are driving change and creating a legacy in the United States.
Visit us for more information at torotaxesfranchise.com and contact us at 800-867-6829 ext 202 to learn how you can become the next leader of a successful franchise and grow your community with Toro Taxes!
