Immigrant-owned small businesses vital part of economy
In the past two decades, the number of immigrant-owned small businesses has grown in Colorado and the rest of the nation, according to a new report released today by the New York-based Fiscal Policy Institute.
The report, Immigrant Small Business Owners: A Significant and Growing Part of the Economy, provides a detailed profile of immigrant small-business owners and the effect they have on the national and local economies. The report was co-released by the Colorado Fiscal Policy Institute and the Bell Policy Center.
The findings include the number and many characteristics of immigrant small-business owners across the country. For Colorado, the data shows:
Immigrant-owned small businesses in Colorado
- There are 13,177 immigrant-owned small businesses in Colorado, according to a 2010 estimate. That's roughly 11 percent of the total number of small businesses in Colorado.
- The total earnings of immigrant small business owners in Colorado is $684 million or 7 percent of the total earnings of small business owners in the state, according to a five-year average from the American Community Survey.
Immigrant business ownership closely linked
with immigrant labor in Colorado
- As the immigrant share of the labor force has increased over time, so too has the immigrant share of small business owners in Colorado.
- This trend exists at the national level as well
For more information, see the Colorado Immigrant Fact Sheet, produced by the Colorado Fiscal Policy Institute.
Article posted on June 14, 2012