Chamber: Hispanic-owned Arizona businesses have doubled since 2007
PHOENIX — The number of Hispanic-owned businesses has doubled since 2007, a chamber of commerce announced Tuesday.
The Arizona Hispanic Chamber of Commerce said about 123,000 businesses in Arizona in 2015 had Hispanic ownership. An estimated 33 percent of those were owned by immigrants.
In 2013, the state had about 67,000 Hispanic-owned businesses.
Tuesday’s numbers were unveiled during the annual Business Diversity Summit in Phoenix. The event was hosted by the Arizona Hispanic Chamber of Commerce.
A white paper on international trade was also presented at the summit. It said Arizona businesses are in a better position than ever to expand internationally in all kinds of industries, including aerospace and mining.
Carl Ingram, who owns an IT company in Phoenix, said the risk of international expansion is high but the potential to be more competitive and profitable could make it worth it.
“A lot of organizations overseas want to work with companies locally,” he said.
Ricardo Carlo, president of the Arizona-based Association of Minority Contractors of America, said business owners must recognize international opportunities, should one come knocking.
“They got to understand what the global economy has to offer,” he said. “Second, they have to get involved with organizations that make that possible.”
Carol said some businesses, particularly in the construction field, should also recognize the potential of international migrant labor.