April 13, 2014
Via Miami Herald
The number of Hispanic entrepreneurs in the United States has grown exponentially in the past two decades and Hispanic immigrants in particular have a higher rate of entrepreneurship than the U.S. population at large, according to a recent report by The Partnership for a New American Economy and the Latino Donor Collaborative.
The study, “Better Business: How Hispanic Entrepreneurs Are Beating Expectations and Bolstering the U.S. Economy,” released in Miami during a panel discussion and news conference, showed that between 2010 and 2012 the entrepreneurial rate declined overall in the U.S. but shot up among Hispanics, said Jeremy Robbins, executive director of the partnership, an organization of 500 government and business leaders who support immigration reform.
“The thing we need more than anything else is young entrepreneurs. This is where the new energy and growth comes from,” he said.
Based on U.S. Census and American Community Survey data, the report found that between 1990 and 2012, the number of Hispanic entrepreneurs in the U.S. more than tripled, rising from 577,000 to 2 million. During the same period, the number of non-Hispanic entrepreneurs grew by just 14 percent.
Since 2000, which included the recession, the number of Hispanic entrepreneurs grew by 71.5 percent, and among Hispanic immigrants, that number was 81.3 percent, the study said. Yet growth among non-Hispanics was just 3.1 percent. And while Hispanic immigrants were less likely than the U.S. population overall to start new businesses in the 1990-2000 period, that trend has reversed in the most recent decade.
Source: Richmond Times-Dispatch