For Immediate Release
October 1, 2009
Combs Says Hispanics Help Propel the Texas Economy
(AUSTIN) — Hispanic households contributed more than $171 billion to the Texas economy in 2008, and their annual buying power is expected to rise to nearly $252 billion by 2013 – a 47 percent increase in just five years, according to a study by the Selig Center for Economic Growth at the University of Georgia.
“The nation is currently observing Hispanic Heritage Month, which celebrates the rich history and culture of Hispanic people,” Texas Comptroller Susan Combs said. “Here in Texas, Hispanic Heritage Month is also a time to reflect on the enormous contribution Hispanic families and Hispanic-owned businesses make to our economy.”
According to the U.S. Census Bureau, Texas was home to 8.9 million Hispanics in 2008, 37 percent of the state’s population.
In the 2008 Hispanic Business 500, the Top 20 Hispanic businesses in Texas produced revenues of $3.98 billion and employed 14,617 people.
Nationally, the Census Bureau reports there were 1.6 million Hispanic-owned businesses as of 2002. That year, Harris County had the third-highest number of Hispanic firms in the nation (61,934), behind Los Angeles County and Miami-Dade County. The number of Hispanic-owned companies nationwide grew by 31 percent between 1997 and 2002, triple the overall growth rate for all businesses. The Census Bureau expects to release updated figures next year.
“We expect to see significant growth in Hispanic-owned businesses,” Combs said. “Texas has a worldwide reputation as a business-friendly state. By encouraging growth and diversity, we provide opportunities for all businesses, large or small, to grow, prosper and propel our economy.”
A good way for Hispanic companies to increase their business and improve their revenues is to become certified as Historically Underutilized Businesses (HUBs). HUB certification, plus registration on the state’s Centralized Master Bidders List, can help businesses win contracts with state agencies which are required to make a good faith effort to purchase goods and services from minority- and woman-owned businesses.In fiscal 2009, 3, 922 Hispanic businesses were certified as HUBs. The state spent about $247 million dollars with Hispanic HUBs, about 27 percent of all HUB spending. In fiscal 2009, the Comptroller’s office spent about $700,000 with HUB certified Hispanic businesses. The agency works closely with the Texas Association of Mexican American Chambers of Commerce and regularly hosts HUB seminars to inform business owners about the opportunities available to HUBs. For more information about the state HUB program, visit http://www.window.state.tx.us/procurement/prog/hub/.
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