Hispanic Businesses Thriving Under Lackluster Economy

Americans have been feeling pessimistic toward the U.S. economy thanks in part to a decrease in median household income since President Obama took office. In the first quarter of this year, the economy grew at just 0.5% annualized pace.

U.S. Hispanic Chamber of Commerce President Javier Palomarez said on the FOX Business Network’s Cavuto: Coast-to-Coast despite the economic challenges that continue in a slow-growth environment, Hispanic businesses have found a way to be successful.

“The United States Hispanic Chamber of Commerce, as we stand right now, represents 4.1 million Hispanic-owned firms in this country that collectively contribute over $661 billion to the American economy,” Palomarez said.

According to Palomarez, Hispanics are creating new companies at a rate of three to one compared to the general market.

“The tip of the proverbial spear in terms of economic growth is the Hispanic entrepreneurial community,” Palomarez told host Charles Payne.

Small businesses accounts for nearly two-thirds of all net new jobs and 55% of all jobs in America, to the U.S. Small Business Administration. Palomarez said the U.S. Hispanic Chamber of Commerce will support any presidential candidate that values the importance of those businesses.

“We need to stay focus on ensuring that our economy is vibrant, is healthy and continues to grow,” Palomarez said.