The Greater Philadelphia Hispanic Chamber of Commerce (GPHCC) has released "The State of Hispanic Business" for the Greater Philadelphia region. "The report provides business and consumer insights about Latinos, the region's fastest growing and increasingly influential market segment," said Varsovia Fernandez, President and CEO of the GPHCC.
The report highlights various business factors around the region including advertising the the Latino consumer, buying power, increase of Latino-owned businesses, and social media.
So why the report?
There are always businesses and organizations asking, "Why should we cater to the Latino audience?" Well, there are various reasons.
- Latino businesses are the fastest growing segment of the American economy with 3.2 million enterprises contributing $486 billion to the economy each year.
- In the Greater Philadelphia region, the number of Latin-owned businesses has grown 28% to 18,787 in less than a decade.
- The general national population growth from 2010 to 2050 is forecasted to increase by 42% while Latino growth is forecasted to increase by 167%.
- The average of the median annual Latino household include for the 11-county region is $63,010.
- Real Estate, technology, and automotive are some the highest industries within the Latino community.
However, there are also challenges including access to capital, financial literary, government laws and business regulations and even a limited talent pool.
The report was conducted by the GPHCC and Temple University's Fox School of Business in conjunction with the Pennsylvania Department of Community & Economic Development. To access the full report visit http://philahispanicchamber.org/.