The Entrepreneurial Power of Latinos and the Immigration Reform Narrative
The nation has witnessed a great deal of change over the last decade: it's embraced its first non-white president in American history; Facebook was created, effectively eliminating hours from otherwise productive days; but, most pertinently, the last ten years have observed the doubling of Hispanic-owned businesses, which has help to refurbish the national workforce and economy.
The U.S. Hispanic Chamber of Commerce commissioned a study in conjunction with Geoscape, which analyzed Census stats to project the number of Hispanic-owned firms in the United States; the report showed those numbers increased from 1.7 million to 3.2 million since 2002.
One third of Hispanic business owners in Arizona are immigrants, many accessing a key custom in immigrant culture, which is launching "mom-and-pop operations" as a means to earn supplemental income. In addition, educated Hispanics own nontraditional businesses such as law and high-technology firms.
For example, AnaBella DeAnda of Hot Mama Bella Hot Sauce has been generating business from her home in Yuma since March 2012. While her business is small, it's budding, and she's perpetually updates herself on relevant information and regulations so that she can spread her business.
Latino businesses develop 7 percent annually on average, compared to 3 percent for the overall average business growth rate. Hispanics are more likely than other minority groups in the United States to start their own business, a fact that must be considered when forming opinions regarding immigration reform.
"Everybody approached immigration reform from a civil rights perspective or a family unity perspective," Javier Palomarez, the chamber's president and CEO, told Fox News Latino. "This is an opportunity to weigh in from an economic perspective and remind America of the power of immigrant-owned businesses."
Latinos and Immigrants have proven that they are quintessential game changers, and likely to be in the position to hire thousands -- and resurrect the crippled economy.
Latinos of varied language ability, assorted traditions, diverse cultures and a range of ages are helping to create jobs. Latino immigrant adults who've been in the country for more than a decade and prefer to converse in Spanish make up 16 percent of the nation's Hispanic population, but make up 26 percent of Hispanic business owners. Young and assimilated Hispanics account for 17 percent of the population, but 38 percent of the Latino entrepreneurs.
The entrepreneurial power of Latino immigrants promises additional contribution to the "tax base and gross national product," according to Cesar Melgoza, CEO of Geoscape. Dreamers and their parents create job growth in barren places, and the number of Hispanic-owned businesses in South Atlantic states and competitively outgrowing Hispanic-owned businesses in Pacific States, such as California.
Hispanic business owners are 66 percent more likely than overall Hispanics to earn $100,000-$150,000 a year, and they are three times as likely to earn in excess of $150,000. Also, Latino companies in Illinois have experienced a growth at three times the progress of all the businesses.