New York Hispanic-owned firms grow swiftly: report

Reuters News
Posted: Apr 01, 2011 5:23 PM

NEW YORK (Reuters) - Over a decade, the number of Hispanic-owned companies in New York state rose 85 percent to a total of 193,200, while their sales climbed 77 percent to $18.2 billion, the state comptroller said on Friday.

"The Hispanic business community is a force to be reckoned with and an important source of new jobs, particularly in New York City," Comptroller Thomas DiNapoli said in a statement.

The report by the Democratic comptroller analyzed data for the 10-year period ending in 2007, which was the most recent information available.

With the national population of Hispanics brushing the 50 million mark, companies and politicians are increasingly targeting this fast-growing and influential group.

New York City, an historic magnet for immigrants, had 74 percent of the state's Hispanic-owned businesses, with a total of 143,000. Mayor Michael Bloomberg has repeatedly cited the contributions immigrants make to society, saying the vast majority are hard-working taxpayers.

Almost 43 percent of the Hispanic-owned enterprises around the state were in just four segments of the services sector: professional, personal, health and social services, the report said. For 91 percent of the businesses, the owners were the only workers.

(Reporting by Joan Gralla; Editing by Jan Paschal)