Business and LLC formation on the rise among Texas Hispanics



The U.S. Census Bureau has released a report showing Texas to be among the nation’s leaders in Hispanic business and LLC formation. In 2007, Texas had 447,486 Hispanic-owned businesses, which was up 40 percent from 2002, trailing only California.

“We see a community that continues to grow, yet the true economic potential has yet to be fully realized,” said David Hinson of the Commerce Department to the Star Telegram. “There's been a true maturing of the Hispanic community related to entrepreneurism. You're having more and more young people look at that option as opposed to merely looking for a job.”

But despite the improvement, Hispanic-owned businesses contributed only 2.3 percent of the state’s $2.6 trillion in annual sales. The small percentage of gross state sales indicates that the majority of these firms are small businesses. Still, that number is up from 2002, perhaps suggesting growth among these small businesses.

Overall, the data suggest small business and LLC formation is on the rise among Hispanic citizens of Texas. With the financial recession lingering over the heads of America’s small business owners, the news of a continually growing small business demographic is encouraging to many.

Tags : llc formation, small business management
Posted: Sep 27th, 2010
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