Bill > AJR189

Introduced Session

This resolution declares September 14 of each year as "Latino Business Day" in the State of New Jersey. Latino-owned businesses present an opportunity for intergenerational upward mobility and wealth accrual, with growing revenues among Latino owned businesses increasing the assets of subsequent generations. The rapid growth of this industry outpaces the growth of the overall Latino population, as well as the number of business created by other demographic groups. Each year, Latino owned businesses supply the American economy with $800 billion in revenues. The Latino community also represents a prominent consumer base and economic force, contributing $3.2 trillion to U.S. markets. Over the last ten years, Latino-owned businesses have grown ten times faster than white-owned businesses, experiencing a 57 percent growth rate, compared to five percent for non-Latino-owned firms. This rate has slowed in recent years but the trend of demographic outperformance persists; between 2020 and 2023, Latino-owned businesses noticed an 8.7 percent growth rate, against 5.6 percent for white-owned businesses. Latino-owned business are expected to occupy 20 percent of the national labor market in five years, and 29 percent by 2050. Latino entrepreneurs currently account for 17 percent of the U.S. workforce; the 4.7 million Latino-owned businesses in America employ 3.5 million workers across the country. Between 2007 and 2019, the number of jobs created by Latino owned businesses grew from 1.9 million to 2.9 million, a 53.6 percent growth rate. Researchers estimate that unemployment rates would have risen above 10 percent if not for Latino business creation. September 14 is National Support Latino Business Day, recognizing the contributions of Latino-owned businesses to the New Jersey economy as well their positive impact on communities. With this context in mind, it is in public interest to recognize the economic strength of Latino business on September 14.

AI Summary

Committee Categories

Alixon Collazos-Gill (D)*,  Yvonne Lopez (D)*,  Gabriel Rodriguez (D)*,  Rosaura Bagolie (D),  Garnet Hall (D), 

Introduced, Referred to Assembly Commerce, Economic Development and Agriculture Committee (on 09/12/2024)

Official Document