The region around Austin, in central Texas is on its way to having over 51,000 Hispanic-owned businesses by the year 2020, according to a recently released report.
According to the Greater Austin Hispanic Chamber of Commerce (GAHCC) study, over 48,000 people were employed in 2013 by Hispanic-owned businesses in the area, and those numbers will grow to over 127,000 in 2020.
Latino businesses are small in size, employing about 4 people per business. A little under half (47 percent) generated between $100,000 and $499,000, and about 42 percent make $100,000 or less.
Yet the report shows a strong growth trend - the $4.8 billion in revenues for the year 2013 was a 90 percent increase over 2007.
“We believe small business is big business, and the strength of our economy in Central Texas will be directly related to the success of our Hispanic-owned businesses,” said Mark Madrid, President and CEO of the GAHCC, in a statement.
The top areas with Latino-owned businesses include waste management and remediation, technical, professional and scientific services, construction, retail, transportation and warehousing and health services.