The Hispanic business community plays a significant role in the US economy. According to the US Hispanic Chamber of Commerce, Hispanic-owned businesses generated over $700 billion in revenue in 2018, and the number of Hispanic-owned businesses has been growing at a faster rate than non-Hispanic-owned businesses. Additionally, Hispanic-owned businesses tend to create jobs at a higher rate than other businesses. The economic impact of the Hispanic business community also extends beyond the businesses themselves, as these businesses often serve as anchors in their communities, helping to drive economic development. Overall, the Hispanic business community is an important contributor to the US economy and its growth.
Furthermore, the Hispanic population is one of the fastest growing demographic groups in the US, and as such, their buying power has been increasing rapidly. According to the Selig Center for Economic Growth, the buying power of Hispanic Americans reached $1.5 trillion in 2018 and is projected to reach $1.9 trillion by 2023. The Selig Center for Economic Growth/Terry College of Business at UGA in Athens, GA reports that in 2022 hispanics generated a Consumer purchasing power exceeding $2 Trillion, accounting for 20% of the US population. As a result, the Hispanic business community is becoming an increasingly important market segment for businesses to target. Additionally, the diversity of the Hispanic business community is also worth mentioning, with a wide range of industries and business sizes represented, from small, family-owned businesses to large corporations.
In conclusion, the Hispanic business community plays a vital role in the US economy, both in terms of their economic impact and their potential as a market segment. Supporting and promoting the growth of Hispanic-owned businesses can bring significant benefits to both the local and national economy, as well as to the communities that these businesses operate in. These businesses not only generate revenue and create jobs, but they also act as anchors in their communities, driving economic development and helping to build stronger, more vibrant neighborhoods.
Additionally, as the Hispanic population continues to grow and their buying power increases, the Hispanic business community becomes an increasingly important market segment for businesses to target. Supporting and promoting the growth of Hispanic-owned businesses can also help to promote diversity and inclusivity in the business world, and create opportunities for individuals from underrepresented groups. Overall, supporting and promoting the growth of Hispanic-owned businesses is an important step towards a more equitable and prosperous economy.
Did you like this article? You’ll enjoy our newsletter.