In a country built by immigrants, numbers represent the strength and ability to move forward both culturally and economically. Such is the case for Latinos, a growing force in the United States currently representing 18 percent of the overall population — a number expected to grow to 30 percent by 2060.
The economic impact Latinos have in the country as a group is growing at a steady rate, and according to Nielsen, a global information measurement firm, Latinos are “the most influential segment since the baby boomers,” representing a $1.5 trillion consumer market.
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Latinos are significantly impacting the growth in number of small businesses in the United States. The State of Latino Entrepreneurship 2015 report revealed that between 2007 and 2012, the number of LOBs grew by 46.9 percent compared to just 0.7 percent for non-Latino owned businesses, an extraordinary level of entrepreneurship that suggests Latinos play a substantial role in local job creation and economic development.
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Perhaps the most important insight revealed by the study was the “opportunity gap,” which refers to the current gap between the average yearly sales generated by LOBs and not Latino owned business (NLOBs). The potential impact on the U.S. economy if LOBs generated the same level of sales as NLOBs was calculated over the period of 2002–2012. A pattern was found to exist over these years.
For example, in 2012 alone, if all LOBs averaged the same yearly sales per firm as all NLOBs, $1.38 trillion would have been added to the U.S. economy. The results were astonishing, as they represent an incredible opportunity for growth and economic development. This serves as undeniable evidence that investing and creating new opportunities for Latino entrepreneurs is key for a thriving economy.
Curated from CNBC
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