Hispanic-owned businesses
According to industry estimates, this number is projected to grow to over 8 million by 2010. The US Small Business Administration estimates that there are currently over 2 million small and midsize Hispanic-owned businesses. Comparable growth is seen in small- and mid-sized Hispanic-owned US businesses as well. This results in a remarkable growth rate in purchasing power, with the US Hispanic Rocket Spanish market achieving an income growth rate of 7.7%, nearly three times the average US household rate. HispanicBusiness.com reports that on an annual basis, employment of Hispanics increased by 977,000 jobs, bringing the Hispanic unemployment rate down from 5.9 percent in May 2005 to the current 5.0 percent.