By David Sivak, DCNF
President Donald Trump claimed Friday that the number of Hispanic-owned small businesses in the U.S. is growing rapidly.
“Today, Hispanic American-owned small businesses are growing at a tremendous rate, especially among our Latinas…who are leading the way and starting new businesses,” Trump said at a White House event for Hispanic Heritage Month.
Recent data from the Census Bureau show robust growth in the number of Hispanic and other minority-owned businesses. The number of Latina business owners, in particular, has grown 87 percent in a matter of a few years.
There were 3.3 million Hispanic-owned businesses in the U.S. as of 2012, making up 12 percent of all U.S. businesses. This proportion has grown quickly over time, rising 46 percent from 2007 to 2012 alone. By contrast, non-Latino businesses only grew 0.7 percent over the same span of time.
Hispanics weren’t the only minority group to report strong gains in small business ownership. Minority ownership as a whole increased 38 percent over the same five-year period, climbing to 29 percent of all U.S. businesses in 2012. This growth, however, was partially offset by a 5.5 percent decline in the number of businesses owned by white people.
A survey by the Stanford Graduate School of Business estimates that 86 percent of all businesses opened during this timeframe were Latino-owned.
Hispanic women played a significant role in this growth. The number of Latina-owned businesses increased 87 percent from 2007 to 2012, and Hispanic women now own 35 percent of all Hispanic businesses; another 11 percent of Hispanic businesses are co-owned by both sexes.
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