Latinas are Doing It for Themselves: Entrepreneurship is Consistently on the Rise --Health Care and Social Assistance are Top Industries for Latina-Owned Businesses
Orange County, Calif. is the home to the privately-held Hispanic and woman-owned business CB Technologies, Inc., which is an award winning IT Solutions and services company. This small firm, owned by Debra Tuturo, has used technology as a utensil for problem solutions since its inception in 2001. CB Technologies is just a single example of how Latina entrepreneurship has skyrocketed over the past twenty years. Latina-owned businesses happen to be the fastest-growing segment among women-owned enterprises. These businesses contribute about $56 billion to the American economy each year; and they are prominent in the health care, social assistance, administrative support, waste management and remediation sectors.
There are presently 787,914 Hispanic women-owned businesses in the United States, and the number is regularly increasing. This sector has seen an increase of 46.7 percent since 2002, and a 133.3 percent increase since 1997. Total of earnings for Latina-owned businesses has reached $55.7 billion, which translates to 57.8 percent increase in revenue since 2002.
Latinas are leading women-owned businesses with six times the national average -- and Hispanic women own 1 in 10 (10.2 percent) of women-owned businesses across the nation. States with the highest number of Latina-owned businesses are California (205,309), Florida (138,984) and Texas (137,541). The West (14.7 percent) has the highest representation of Hispanic women-owned firms, followed by the South (11.6 percent), the Northeast (9.0 percent) and the Midwest (2.7 percent). National Women's Business Council indicated that women own 34.9 percent of all Hispanic non-farm businesses across the country. 93.3 percent of those companies are non-employer firms, and the remaining 6.7 percent have a combined total of 363,430 individuals employed, and provide $9.3 billion in payroll to their employees.
The growth of Latina-owned businesses represents a desire to gain control over personal success and to provide services to people within their community, evident by the fact that many Latina-owned businesses are in industries such as health care, social services and technology.