Tuesday, April 12, 2011

NYS Comptroller DiNapoli: Hispanic Businesses Grew Three Times Faster than All Businesses in New York, Generating $18.2 Billion in Sales in 2007

New York State was home to over 193,200 Hispanic-owned businesses in 2007 (the most recent year for which data is available), according to a report on Hispanic-owned businesses in the state released today by New York State Comptroller Thomas P. DiNapoli. the report found the number of Hispanic businesses grew by 85 percent over a ten-year period, almost three times faster than the total number of businesses in the state. During the entire reported ten year period, sales for all Hispanic-owned firms in New York increased by almost 77 percent, to $18.2 billion.

“Hispanic-owned businesses account for nearly 10 percent of all businesses in New York State, and that number continues to grow,” DiNapoli said. “The Hispanic business community is a force to be reckoned with and an important source of new jobs, particularly in New York City. We have to make sure these businesses are given every opportunity to grow, thrive and create new jobs.”

DiNapoli’s report found that Hispanic businesses have a high concentration in the services industry, specifically in the professional, personal, health and social service sectors. Although the numbers of Hispanic businesses in the finance and information sectors are low, they continue to show a rapid growth trend.

DiNapoli’s report also shows that in 2002, about 73,000 Hispanic firms in New York were owned by women. This accounted for 45 percent of all Hispanic-owned businesses in the state. Although data on the number of woman-owned Hispanic businesses is not available for 2007, the number of firms owned by women in general grew by 17.7 percent between 2002 and 2007.

The report also highlights:

    · Most Hispanic-owned firms in New York are small, family owned businesses. Nearly 91 percent had no employees other than their owners in 2007;
    · The total number of employees increased by nearly 53 percent between 1997 and 2007 for the other 9 percent;
    · New York City was home to 143,000 Hispanic-owned firms in 2007 which is 74 percent of the statewide total;.
    · The number of Hispanic-owned firms in New York City grew by 89 percent since 1997, slightly faster than in New York State overall.