Latinas are the fastest growing group of women entrepreneurs in the U.S. According to a report commissioned by American Express OPEN, The State of Women-Owned Businesses 2014, the number of Latina-owned firms has more than tripled since 1997 (up 206 percent), their employment has risen 85 percent and their revenues have more than doubled (up 160 percent).
Here’s an excerpt from the Report:
Firms owned by Hispanic women number an estimated 1,033,100 as of 2014. These Latina-owned firms employ 433,600 workers in addition to the owner and generate
an estimated $71.1 billion in revenue. Overall, there are an estimated 2.8 million Hispanic owned firms in the U.S., employing nearly 2.2 million workers and generating $440.2 billion in revenues. Therefore, Latina women own 36% of all Latino-owned firms, employ 20% of the workers employed by Latino owned firms, and contribute 16% of the revenue generated by Latino-owned businesses.
Over the past 17 years, the number of Latina-owned firms has more than tripled (up 206%), employment has risen 85% and revenues have more than doubled (up 160%)—in comparison with 68% firm growth among all women-owned firms, 11% employment growth among all women-owned firms and 72% revenue growth among all women-owned firms.
Three-quarters (74%) of Latina-owned firms are found in ten states. (The share rises to 78% when adding Arizona and New Mexico to the list.) The greatest numbers of Latina-owned firms are located in California (228,500), followed by Texas (190,000) and Florida (144,600). While nationally 11% of women-owned firms are owned by Latinas, they comprise the greatest share of all women owned firms in New Mexico (29%), Texas (25%), Florida (24%) and California (20%).
As previously stated, the number of Latina-owned firms nationally has climbed 206% since 1997, while employment is up 85% and revenues have risen by 160%. Among the 10 most populous states for minority owned firms, the states seeing the fastest growth in the number of Latina-owned firms are Georgia (up 325%, albeit from a very small base), North Carolina (up 272%, from a small base) and Texas (up 241%). Both Georgia and North Carolina have also seen the revenues and employment generated by Latina-owned firms in the state rise sharply. While starting from relatively small populations, it is clear that the Peach and Tar Heel states are proving to be fertile soil for Latina entrepreneurs. As with Asian American women business owners, the regional heritage of Latina business owners is varied, though more concentrated. Nearly half (46%) of Latino business owners (men and women alike) trace their roots to Mexico, 11% are Cuban American, 7% are Puerto Rican and 34% have family heritage from another LatinAmerican or Hispanic country.
For further information and data on trends in the growth of Latina-owned firms, see Table 11 in the Summary Tables at the back of the report.