Hispanics take up about 17% of the population in America and approximately 3.1 million Hispanic-owned businesses shoot up and developed since 2002. Because of the increasing number of Hispanics in America, it is evident that their participation in the business industry has emerged across the states and an economic growth is highly evident with the increase of companies owned by them.
On the other hand, Virginia has been on the rise for the past years in business and technology industry with most of its residing companies owned by the Hispanics.
Virginia, one of the States in the South Atlantic Region with a population of 8.2 million is one of the top States in the U.S to have had a rising number of successful Hispanic-owned businesses all over America.
The state of Virginia has the highest rank of technology based employment all over the United States which generally comprises most of the Hispanic-owned technology firms. Fairfax County, Virginia’s most populous and powerful county is the head quarter of the three most successful and growing Hispanic-owned business firms in the US (MicroTech, The Centech Group, Inc., and Provideo Management). In addition to this, twenty of Virginia’s Hispanic-owned businesses rank at the 2012 top 500 companies in the HispanicBusiness.com
Over the growing number of businesses in Virginia, Fairfax County released that nearly 34% of the business firm in Virginia are owned by the Hispanics surpassing that of its local business firms and roughly 1.9 billion of sales and receipts are represented by the Hispanic companies in the state.
Because of the success in business of the Hispanics particularly in the State of Virginia, a growing number of employments are escalating especially in the administrative and technical sector. Due to the further increase of Hispanic population, it is predicted that in the following years, companies owned by the Hispanics will grow even more not only in the state of Virginia but all over the U.S.
Virginia’s success in technological firms
The state of Virginia is considered to be one of United States’ center of technology based companies. The advancement of technology in their state contributed a lot in the whole of America and that is to say that a huge part of this contribution came to the Hispanic-owned business firms which focus in communication technology and software. On the other hand, these technological companies are of huge help in the economic status of Virginia for the past decades.
Among all the states in the U.S., Virginia has the lowest rank of unemployment and is also one of the richest states that have the highest income for employees compared to other states. The growth of job employment in this State is almost similar to the speed of Hispanic population growth all over America and that is to say that having the Hispanic-owned businesses spread out in the United States, especially in Virginia, a positive growth and a great increase in the economic status of the state were contributed by Hispanic companies.