Business Is Booming for Hispanics

By Jennifer Doren
|  Tuesday, Oct 12, 2010  |  Updated 7:09 PM EDT
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Hispanic business ownership is surging in the D.C. area.

Hispanic business ownership is surging in the D.C. area.

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Minorities out a job may be in luck. U.S. Census figures released Tuesday show the number of Hispanic-owned businesses in D.C., Maryland and Virginia more than doubled from 2002 to 2007.

The growth rate here increased by 58 percent, compared to 44 percent nationwide.

D.C.'s Keystone Plus Construction is one of the many businesses booming despite a down economy. The company is Hispanic-owned, and nearly all of its 150 employees are Hispanic, too.

Business Development Manager Ivan Gaviria credits their success to a strong work ethic and entrepreneurial spirit. "A lot of [my] fellow Latinos come from their home countries with backgrounds in construction,” Gaviria said. "We're also natural fixer-uppers and do-it-yourselfers."

Magda Cardenas of the Greater Washington Hispanic Chamber of Commerce said the D.C. area is also saturated with highly educated Hispanics. That's also good for business.

The number of Hispanic-owned administrative service businesses and waste management businesses have also increased.

Gross revenue for Hispanic-owned businesses is up a whopping 79 percent to $7.6 billion.


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