« How Mexican and U.S. Citizens View Each Other | Main | Quote of the Day for Wednesday, March 22, 2006 »
March 21, 2006
Georgia Tops in Growth of Hispanic-Owned Businesses
The Atlanta Business Chronicle reports:
Georgia tied with Rhode Island as the state with the second-fastest rate of growth for Hispanic-owned businesses between 1997 and 2002, according to U.S. Census Bureau data released March 21.
New York had the fastest rate of growth -- 57 percent -- for Hispanic-owned firms between 1997 and 2002. Rhode Island and Georgia came in second with 56 percent, while Nevada and South Carolina had 48 percent rates of growth. . . .
"Apparently Hispanic buying power is generating enough capital to generate this sort of business formation," said Jeffrey M. Humphreys, forecasting director of The University of Georgia's Selig Center for Economic Growth. "It's very consistent in that Georgia ranked third for Hispanic buying power in 2005. Georgia's Hispanics are upwardly mobile striving to climb the economic ladder, and not a static population. But this is particularly interesting given the youthful nature of our Hispanic population."
The Selig Center's most recent survey of minority buying power shows Georgia Hispanics' buying power grew from $6.3 billion in 2000 to $10.6 billion in 2005. And that buying power is projected to hit $17.3 billion in Georgia in 2010.
Humphreys noted Georgia's Hispanic population is focused around metro Atlanta, particularly Gwinnett County, and is more urban than in some states.
"I suspect that also plays a role in business formation, since Hispanics in urban areas are more likely to start new businesses than those in rural areas," he said. "Buying power is the building block for wealth."
Humphreys expects Georgia will remain a top state for growth in Hispanic population, buying power and business formation. . . .
Trackback Pings
TrackBack URL for this entry:
http://www.heritagetidbits.com/cgi-bin/mt/mtb.cgi/1345
Listed below are links to weblogs that reference Georgia Tops in Growth of Hispanic-Owned Businesses:
» Georgia Tops in Growth of Hispanic-Owned Businesses from Heritage Updates
If you're an investor in either Hispanic American Broadcasting (Georgia TeVe) or Heritage Avenida Partners, my post in Tidbits on the rapid growth in Georgia's Hispanic-owned businesses is must reading. This secular trend is extremely positive for both... [Read More]
Tracked on March 21, 2006 9:55 PM
Comments
Post a comment
Thanks for signing in, . Now you can comment. (sign out)
(If you haven't left a comment here before, you may need to be approved by the site owner before your comment will appear. Until then, it won't appear on the entry. Thanks for waiting.)