HISPANIC HERITAGE MONTH
Hispanic Business Adds $ 97B to New Jersey GDP
" Close-knit " community thrives
By Diane C . Walsh Acting Editor
Hispanic businesses number more than 120,000 strong in New Jersey and the latest studies show they are a robust contributor to the Garden State ’ s economic health with the Hispanic GDP tallying $ 97 billion .
Luis O . De La Hoz , a strong advocate who serves as chairman of the Statewide Hispanic Chamber of Commerce of New Jersey , is proud of his community ’ s successes . “ We offer jobs to many people . We pay taxes and we are located on Main Street in the opportunity zones ,” he said .
He is encouraged by the Hispanic community ’ s expansion . Latino-owned small businesses have grown an astonishing 31.6 percent since 2012 , despite facing obstacles in obtaining affordable credit , according to the Hispanic chamber .
The economic contribution of Latinos in New Jersey , as with U . S . Latinos broadly , is driven by rapid gains in human capital , strong work ethic , and a positive health profile . In 2020 , “ people of Hispanic origin ” constituted the second largest racial or ethnic group
in the United States and one of the fastest racial and ethnic groups in the country . Only Asian Americans grew at a faster rate between 2010 and 2020 ( 35.6 % vs . 23 %), according to The Brookings Institution .
Census figures show the Hispanic community in New Jersey originated from 22 countries . There are more than 2.5 million Hispanics in the state and the largest communities are in Hudson County and the cities of Perth Amboy , Elizabeth and Newark . De La Hoz . well understands the immigrant experience having coming from Colombia in 2004 . De La Hoz puts his background to work as the director of community lending at Valley Bank .
The Hispanic GDP in New Jersey in 2018 was $ 97 Billion , according to the 2021 State Latino GDP Report produced by the Center for Economic Research & Forecasting at California Lutheran University and the Center for the Study of Latino Health & Culture at UCLA .
“ Hispanic businesses play a critical role in building the strength and resiliency of New Jersey ’ s economy ,” said Tim Sullivan , CEO of the New Jersey Economic Development
Authority . “ Under Governor Murphy ’ s leadership we are able to provide Hispanic business owners fair and equitable access to programs and grants that not only offer them the opportunity to thrive financially but also ensures that their businesses will grow and create an economic landscape as varied and representative as the state itself .”
According to a report commissioned by Bank of America , New Jersey ’ s top three 2018 Latino GDP sectors are : Education & Healthcare ( 17.8 % share of the NJ Latino GDP ), Professional & Business Services ( 13.5 %), and Transportation & Warehousing ( 9.0 %). As with the US Latino GDP , the largest component of New Jersey ’ s Latino GDP is personal consumption . Latino consumption totaled more than $ 73 billion in New Jersey in 2018 .
“ It ’ s a close-knit community and we like to support each other . That ’ s our secret to success ,” said Roxanne Camejo , a senior vice president and community development officer at Lakeland Bank . She said the community ’ s generous nature was evident at a packed Hispanic
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The 2020 Census reports the number of Hispanic-owned businesses had a growth of about 4.6 % from 2018 . In 2019 , Hispanic-owned businesses made up about 6.0 % ( 346,836 ) of all businesses , with an estimated $ 463.3 billion in annual receipts , 2.9 million employees and about $ 108.4 billion in annual payroll .
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