Over the last decade, minority and women-owned businesses have constituted over 50 percent of the two million businesses created in the United States. A report out today shows that women are becoming the nation’s job-creation engine, starting small businesses and stimulating new jobs at a rate that outdistances their male counterparts and disproportionately exceeds their current contribution to U.S. employment. This report comes just after labor force statistics indicate women will be make up the majority of the U.S. workforce this year. Times are certainly changing.
According to the Small Business Administration, between 1997 and 2002, the number of Hispanic-owned firms increased by 31 percent, with Hispanics owning 6.6% of U.S. businesses. The $820 billion Hispanic market is also flexing its muscles. Hispanic spending power has made significant contributions over the last decade, especially during these tough economic times.
Women and minority business owners will have become members of a powerful movement. These latest reports confirm that Hispanic Americans, for example, are occupationally and economically diverse. Indicators such as level of business ownership suggest a diverse, hard working, and entrepreneurial population. Yet, it is frustrating to read accounts that economic stimulus funds are disproportionately not reaching minority businesses – particularly when maximizing opportunities for minorities and women-owned businesses are in the best economic interest of everyone.