The number of Hispanic owned businesses grew 31% between 1997 and 2002. three times the national average for all businesses according to a new report, Survey of Business Owners:

Hispanic-Owned Firms: 2002 released today by the U.S. Census Bureau. The nearly 1.6 million Hispanic-owned businesses generated nearly $222 billion in revenue, up 19 percent from 1997.

“The Economic Census gives an accurate picture of America’s 23 million businesses. The growth we see in Hispanic-owned businesses illustrates the changing fabric of American’s business and industry. With Hispanic businesses among the fastest growing segments of our economy, this is a good indicator of how competitiveness is driving the American economy,” said Census Bureau Director Louis Kincannon.

Other highlights:

• In 2002, nearly 3-in-10 Hispanic-owned firms operated in construction and other services, such as personal services, and repair and maintenance.
• In 2002, firms owned by people of Mexican origin accounted for more than 44 percent of all Hispanic-owned firms.
• Retail and wholesale trade accounted for 36 percent of Hispanic-owned business revenue.
• There were 29,184 Hispanic-owned firms with receipts of $1 million or more.
• There were 1,510 Hispanic-owned firms with 100 employees or more, generating more than $42 billion in gross receipts.
• States with the fastest rates of growth for Hispanic-owned firms between 1997 and 2002 included New York (57 percent), Rhode Island and Georgia (56 percent each), Nevada and South Carolina (48 percent each).
• Counties with the highest number of Hispanic-owned firms were Los Angeles County, Calif. (188,472); Miami-Dade County, Fla. (163,188); Harris County, Texas (61,934); and Bronx County, N.Y. (38,325).

The 2002 Survey of Business Owners (SBO) defines Hispanic-owned businesses as firms in which Hispanics own 51 percent or more of the stock or equity of the business. Separate reports on other minority-owned businesses will be issued over the coming months.