The study, a joint venture of the The Partnership for a New American Economy and the Latino Donors Collaborative found that, from 1990 to 2012, the number of Hispanic entrepreneurs in America more than tripled, going from 577,000 to more than two million. This far exceeded population growth among the working-age Hispanic American population. It also dwarfed the growth in the number of self-employed non-Hispanics during that period, which grew by 14 percent.
Hispanic immigrants played a key role in this growth. Between 1990 and 2012, the number of Hispanic immigrant entrepreneurs more than quadrupled, going from 321,000 to 1.4 million. Entrepreneurship became so established among Mexican immigrants that by 2012 more than one in ten such immigrants was an entrepreneur.
While entrepreneurship rates among non-Hispanic, U.S.-born individuals dropped during the decade that included the recent recession, the number of Hispanic entrepreneurs grew by 71.5 percent. The report also found that Hispanic immigrants in particular are more likely to be entrepreneurs that the average member of the U.S. population overall. In 2010, 10.2 percent of the U.S. population were entrepreneurs, while 11.0 percent of Hispanic immigrants were. By 2012, that gap had widened to 10.0 percent and 11.7 percent, respectively.
Tony Yapias, director of Proyecto Latino de Utah and a small business owner, praised Latino entrepreneurs for playing a key role in helping stimulate the economy. “I am so proud of the Latino community and especially entrepreneurs who are creating new businesses and adding additional jobs in our communities. Entrepreneurs are a key driver of our economy. Latinos by nature are true entrepreneurs and given an opportunity for immigration reform they would do a lot more for this country and economy.”
“Salt Lake County is seeing first-hand how diversity is strengthening and growing the local economy. Every entrepreneur who starts a successful business and employs people delivers goods and services and adds tax revenues to our community,” said Salt Lake County Mayor Ben McAdams.
The Partnership for a New American Economy is a bipartisan coalition of business leaders and mayors launched by former New York City Mayor Michael Bloomberg and media scion Rupert Murdoch to influence public opinion and policymakers toward comprehensive immigration reform.