Latino Entrepreneurs Fuel US Business Growth

Between 2017 and 2023, Latino-owned businesses emerged as a powerful force, adding 180,000 new firms while white-owned businesses saw a decrease. This entrepreneurial surge prevented an overall decline in U.S. business creation during that period. Without their contribution, America would have had fewer businesses at the end of these six years than at the beginning.

These entrepreneurs not only prevented decline but actively fueled growth, creating nearly one million jobs, a significant figure compared to the 658,000 jobs added by white-owned firms. Their revenue also saw substantial growth, increasing by 68 percent. The broader Latino economy is now approaching $4 trillion in annual economic output, growing at more than twice the pace of the overall U.S. economy.

Institutions like colleges and universities, particularly Minority-Serving Institutions, play a crucial role in nurturing these entrepreneurs. As a former administrator at a Hispanic-Serving Institution, the author highlights their impact on workforce development and economic mobility. Supporting these institutions, through measures like enhanced student services at colleges such as Compton College, is vital for future economic prosperity.