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The Brookings Institute released research earlier this year on what it termed a surge in Latino/Hispanic-owned businesses in the U.S. Between 2017 and 2022, such firms grew in the vast majority of metro areas in the country.
That included the upstate metros along the Thruway from Albany to Buffalo.
Metropolitan statistical areas, or groupings of next-door counties and cities interact socially and economically, and so are tapped for analysis by government agencies.
Each of the upstate areas -- designated as Albany-Schenectady-Troy; Syracuse; Rochester; Buffalo-Cheektowaga -- saw the number of Latino/Hispanic-owned businesses grow over the five-year period, according to Brookings, a Washington-based public policy think tank.
The raw numbers weren't massive, but the percentage of growth was noteworthy. In the Albany metro, which includes the counties of Albany, Rensselaer, Saratoga, Schenectady and Schoharie, Latino/Hispanic-owned firms increased by 233 or more than 75%.
In all, the metro had 542 Latino/Hispanic employer firms (defined as having at least one paid employee) in 2022. They represented 3.6% of total employers in the area.
Similar numbers were posted for the Rochester area: 507 Latino/Hispanic employers in 2022, amounting to 2.7% of all employers in the metro, with the number of firms nearly doubling between 2015 and 2022 for a 97% growth rate.
The Buffalo and Syracuse metros had fewer overall Latino/Hispanic firms but still posted respectable percentage growth figures over the five-year period.
Nationally, Latino or Hispanic individuals owned 7.9% of all employer firms, or more than 465,000 businesses across the U.S. in 2022. They employed more than 3.55 million workers and generated $653 billion in total revenue.
The surge cited by Brookings rang true at the New York Capital Region Hispanic Chamber of Commerce, which promotes the growth of Latino/Hispanic-owned businesses locally and the firms that serve the area's Latino community.
Board President Claudia Hernandez wrote in an email "higher demand" has led the relatively new group to increase outreach, including creating more networking opportunities.
"We are also considering new services to address the growing need from our community," she added, citing the wide range of local Latino/Hispanic-owned businesses, "from restaurants to construction to real estate and more."
A separate Brookings report last month evaluated the economic impact on Latino/Hispanic businesses from the "whiplash" of changing federal policies on tariffs, immigration and financial assistance seen under the Trump Administration this year.
Hernandez, who serves as chief of staff in the office of the president at the University at Albany said the uncertainty makes "some of the challenges that any entrepreneur may face ... even more challenging."
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