MERIC NEWS LETTER

Number of Hispanic-Owned Firms Declines

There were 3,652 Hispanic-owned firms in Missouri in 2002, down from 4,107 in 1997, according to recently released data from the U.S. Census Bureau's 2002 Survey of Business Owners. This was an 11.1 percent decrease in the number of Hispanic-owned firms in the state. These firms accounted for $682 million in sales and receipts in 2002.

In the U.S., there were 1.57 million Hispanic-owned firms in 2002, up 31.2 percent from 1997. Sales and receipts from Hispanic-owned firms totaled $226.5 billion in 2002. Hispanic-owned firms made up 6.9 percent of all firms and 1.0 percent of all sales and receipts in the U.S.

States with the largest number of Hispanic-owned businesses were California (427,805), Texas (319,460), Florida (266,828), New York (163,659), and New Jersey (49,846). In addition, California also had the largest gross sales from Hispanic-owned firms. Missouri ranked 30th among the states in the total number of Hispanic-owned firms.

Only four states recorded more than 100,000 Hispanic-owned businesses in 2002. Twenty-six states, including Missouri, had fewer than 5,000 Hispanic-owned firms.

States with the highest percentage of Hispanic-owned businesses, as a percent of all firms, were concentrated in the southwestern portion of the United States. States with the largest percentage of Hispanic-owned businesses were New Mexico (21.7 percent), Texas (18.4 percent), Florida (17.3 percent) and California (14.7 percent). In Missouri, Hispanics owned 0.8 percent of all firms in 2002, down from 1.0 percent of all firms in 1997.

Source: U.S. Census Bureau, Survey of Business Owners

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