Posts Tagged ‘Minority Business Development Agency’

#hispanic owned businesses outpace non-minority-owned businesses in employment and revenues.

Thursday, September 23rd, 2010

(Business News Daily) Hispanic-owned businesses are a hotbed of job growth in the United States, according to a new report.

Employment at these firms grew by 26 percent from 1.5 million to 1.9 million over the five-year period from 2002 to 2007, significantly higher than that of non-minority owned firms, according to a report released by the U.S. Commerce Department’s Minority Business Development Agency (MBDA).

The number of Hispanic-owned firms also outpaced the growth of non-minority-owned businesses, jumping by 44 percent over the same period from 1.6 million to 2.3 million. In spite of this growth, though, Hispanic businesses are underrepresented in the American economy, the report showed. While Hispanics now represent 13 percent of the adult population, Hispanic businesses still account for only 9 percent of all classifiable businesses.

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