Minority and Women-Owned Firms Each Increase by More Than 2 Million Nationally
Here are the highlights of the report released by the United States Census Bureau based on the 2012 Survey of Business Owners. Hispanic Lifestyle will release more details of the report, but for now here are few noteworthy figures. Meet Latino Owned Businesses at Hispanic Lifestyle’s 2016 Southern California Business Expo and Conference on June 9, 2016 at the Ontario Airport Hotel and Conference Center.
- All but 287,501, or 8.7 percent, of Hispanic-owned firms were nonemployers in 2012.
- About half (49.1 percent) of Hispanic-owned firms in 2012 were owned by people of Mexican, Mexican-American, or Chicano background. California and Texas were the only two states with over half a million firms owned by people of Mexican, Mexican-American, or Chicano background, with 580,450 and 557,273 firms, respectively.
- Florida led all states in the number of firms owned by people of Cuban background (224,878) and Puerto Rican background (71,291).
- Although Hispanic-owned firms comprised 12.0 percent of all U.S. firms, they made up 22.8 percent in the administrative and support and waste management and remediation services sector. For comparison, Hispanics accounted for 14.8 percent of the 18 and older population in 2012.
- The number of Puerto Rican-owned firms grew faster between 2007 and 2012 (65.0 percent) than Mexican, Mexican American, or Chicano-owned (56.8 percent) and Cuban-owned firms (12.4 percent). Other Hispanic, Latino, or Spanish-owned firms grew 44.1 percent.
- Three states — California, Texas and Florida — each had more than a half-million Hispanic-owned firms in 2012. California led the way with 815,304. Texas had 687,570 Hispanic-owned firms and Florida had 604,128 Hispanic-owned firms.
- Close to a third, 30.7 percent, of firms in New Mexico were Hispanic-owned — the highest rate in the nation. Hispanic-owned firms also comprised more than one-quarter of all firms in Texas and Florida (29.2 percent and 28.8 percent, respectively).
- In 2012, Los Angeles County led all counties in the number of Hispanic-owned firms (332,967), followed by Miami-Dade County, Fla. (319,653). In 2007, the order of the two counties was reversed.
- Among the 50 most populous U.S. cities, New York had the most Hispanic-owned firms with 199,085. El Paso and Miami had the highest proportion of Hispanic-owned firms with 73.9 percent and 69.2 percent, respectively.
Source | The Survey of Business Owners is conducted every five years as part of the economic census. The 2012 survey collected data from a sample of more than 1.75 million businesses. The collected data 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.