Recently released data from the U.S. Census Bureau reveals that Hispanic-owned businesses in Maryland are growing faster and earning more than the national average.
In Maryland, the number of Hispanic-owned businesses grew more than 37 percent between 1997 and 2002, compared with a national increase of 31 percent, according to a 2002 survey of business owners. Most businesses reported more than $156,000 in sales and receipts, which exceeded the national average by about $15,000.
In total, 15,353 Hispanic-owned businesses in the state saw nearly $2.4 billion in sales and receipts in 2002, compared with 11,158 businesses generating $1.6 billion in 1997. Hispanic-owned businesses account for about 3 percent of Maryland?s 443,542 businesses.
Gigi Guzman, former chairwoman and current board member of the Maryland Hispanic Chamber of Commerce, said that part of the reason Hispanic-owned businesses have thrived in Maryland is there continues to be an influx of new Latinos moving to the area who are in need of the products the companies offer, mainly in retail. She added that in other sectors, such as business-to-business, the company?s are there, but may not be as visible due to lack of advertising opportunities.
“It?s an excellent business climate,” for Hispanic-owned businesses to grow, said Guzman. “I think they?re feeling welcome, and they?re filling a void that was there before. Good things are going to continue to happen with this new group of businesses.”
Although the 1997 survey was inconclusive in terms of what business sectors were predominantly Hispanic-owned, the 2002 survey found that construction companies were most prevalent, while companies in health care, social services, administrative and professional services were also common.
The survey defined a Hispanic-owned business as a firm where at least 51 percent of the stock or equity is owned by a Hispanic.
Capital News Service contributed to this article
