Construction Sector Had Highest Number of Hispanic-Owned Businesses

About 7.1% of the nation’s 5,681,118 employer firms (businesses with at least one paid employee) in the United States were Hispanic-owned in 2021 and the construction sector had the largest number of Hispanic-owned businesses, according to the U.S. Census Bureau.

The 2022 Annual Business Survey shows there were a total of 406,086 Hispanic-owned employer firms in the United States in 2021.

Among employer firms that allowed work from home (WFH), those with Hispanic owners reported the lowest share (33.5%) compared to equally Hispanic/non-Hispanic-owned (40.5%) and non-Hispanic-owned firms (38.6%).

A business is considered Hispanic-owned when 51% or more of the stock or equity is held by Hispanic owner(s) of any race. Businesses are considered equally Hispanic/non-Hispanic owned when 50% of the stock or equity is held by a Hispanic owner(s) of any race and the other 50% of the stock or equity is held by a non-Hispanic owner(s) of any race.

This article excludes unclassifiable firms like public firms, nonprofits and those without an owner who holds at least 10% of the business. The ABS is collected from employer businesses and uses survey responses to produce data on business ownership.

Hispanic-owned firms generated $572.9 billion in revenue, around 3.3% of the total revenue ($17.4 trillion) generated by all employer businesses in 2021.

Hispanic-owned businesses were predominantly male-owned — 255,604 compared to 103,793 female-owned firms, and 46,688 firms had equal female/male joint ownership.

Owners ages 45 to 54 made up 30.6% of Hispanic-owned businesses — the largest age category.

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