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Latino Daily News

Monday April 4, 2011

NY State:  Hispanic Owned Businesses Strong, Growing & Important Part of Economy

The New York state Comptrollers office recently realized a report analyzing Hispanic-owned businesses in the state for the last ten years.

The report shows that the number of Hispanic businesses grew by 85 percent and their related sales climbed by 77 percent to a total of $18.2 billion.  Most of these are small businesses with 91 percent of these businesses having the owner as the sole employee. 

The analysis was for ten years through 2007, which was the most recent information available.

New York City, which has a long and proud history of immigrant success stories, holds 74 percent of all Hispanic-owned businesses in the state. 

The majority of Hispanic-owned businesses in the state are concentrated in four sectors:  health, personal, professional services and social services.