Share on email They in turn help fuel theAccording to the new analysis of federal labor statistics and census data by Robert Fairlie, an economist and professor at UCLA, immigrants had the highest rate of new business creation among U.S. adults. The
About 670 out of 100,000 immigrants — or 0.67% of immigrants — launched a new business each month in 2023. The overall average for the adult population was 0.35%. The immigrant data isn't broken down by race or ethnicity. Latinos also had staggeringly higher rates of new business ownership than any other racial or ethnic group.
That number was 0.6% for Latinos, or 600 Latinos out of 100,000; 0.34% for Black Americans; 0.31% for Asian Americans; and 0.28% for white Americans.Many immigrants launch businesses out of necessity, but the entrepreneurial spirit is also embedded in who they are, says Gustavo Suarez, the founder and CEO ofWhen immigrants come to the U.S., they already have "some type of mindset of wanting to improve their lives, of wanting something better, of wanting to create impact," Suarez says.
The median growth rate for Latino businesses was 25% from 2019 to 2022, per the 2023 Stanford report. It was 9% for white non-Hispanic owned businesses.Share on twitter
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