Fact 3: Latino-Owned Businesses Are Crucial to Job Creation

In the 2023 State of Latino Entrepreneurship, Stanford Graduate School of Business revealed that Latino-owned businesses continue to have higher growth rates than those owned by white entrepreneurs. In fact, Latino-owned businesses had a 10x faster growth rate between 2007 and 2022, substantially surpassing the 5% increase in white-owned businesses.  With a 48.4% year-over-year increase, the 3-year (2020–2023) median compound annual growth rate was 8.7% for Latino-owned businesses vs 5.6% for white-owned businesses. According to U.S. Latino Youth 2030: An LDC Report™  62% of U.S. Latinos aged 34 and under report that owning a business is a priority compared to 32% of Latinos aged 35 and older. This means that Latinos will be crucial to job creation as young Latinos increasingly value entrepreneurship.