The number of Hispanic entrepreneurs has grown substantially over the last two decades, and a big chunk of that growth has taken place in New Jersey.
A report by Geoscape prepared for the U.S. Hispanic Chamber of Commerce found that Hispanics more than doubled their share of all new entrepreneurs over the last 20 years and now represent one-fifth of all new businesses. New Jersey was ranked near the top of states with the highest net growth in Hispanic companies, with between 19,500 to 51,500 Hispanic-owned businesses created since 2012.
Read the report here.
According to an article in NJBIZ, the number of Hispanic businesses in New Jersey is 116,000 and they contribute about $12 billion in revenue to the economy.
“As we witness the shift in demographics of the U.S. population, spurred by post-recession optimism about entrepreneurship, new data suggests the entrepreneurial landscape is shifting also,” the report says. “Hispanics are the fastest growing portion of the workforce and are 1.5 times more likely than the general population to start a new business, according to the Kauffman Index of Entrepreneurial Activity.”