A few months ago, the Small Business Administration (SBA) and the White House hosted the 2016 Hispanic-American Entrepreneurship Summit. The goal of the summit was to “highlight the contribution of Hispanic entrepreneurs and engage in substantive dialogue to identify strategies to support this growing segment.”
Here are some of the numbers about Hispanics in the U.S. that they reveled at the summit:
- The Census Bureau estimates that the Hispanic population will more than double by 2060, increasing to 119 million people.
- Hispanics account for 18% (57 million) of the U.S. population.
- Hispanics have a purchasing power of $1.5 trillion, and it is projected to increase and account for 10.6% of the total buying power in the U.S. by 2019.
- Hispanic households grew by 245,000, and accounted for 69% of the total U.S. household growth in 2015.
- There are over 3.3 million Hispanic-owned businesses in the U.S. and they are growing at a rate 15 times faster than the general population.
Recently we released an article highlighting the best cities in the U.S. for Hispanic entrepreneurs. As mentioned at the summit, Hispanic-owned businesses in the U.S. are growing, and while some of them will start in the business owner’s home, others are going to need commercial real estate.