Sponsored by:
Senator NILSA I. CRUZ-PEREZ
District 5 (Camden and Gloucester)
Senator NELLIE POU
District 35 (Bergen and Passaic)
Co-Sponsored by:
Senator Ruiz
SYNOPSIS
Designates September 14 of each year as Latino Business Day in New Jersey.
CURRENT VERSION OF TEXT
As introduced.
A Joint Resolution designating September 14 as Latino Business Day in New Jersey.
Whereas, Latino-owned businesses offer an opportunity for upward mobility and intergenerational wealth accrual, with growing annual revenues among Latino entrepreneurs increasing the assets of subsequent generations; and
Whereas, Latino business are a cornerstone of the national economy, contributing to economic output, labor market growth, gross domestic product, and international competitiveness; and
Whereas, Each year, Latino-owned businesses contribute over $800 billion to the American economy; and
Whereas, The Latino community offers a prominent consumer base and economic force, collectively contributing $3.2 trillion to U.S. markets; and
Whereas, Over the last 10 years, Latino-owned businesses have grown ten times faster than white-owned businesses, experiencing a 57 percent growth rate, compared to five percent for white-owned businesses; and
Whereas, Between 2020 and 2023, Latino-owned businesses noticed an 8.7 percent growth rate against a 5.6 percent growth rate for white-owned businesses; and
Whereas, Across the country, the 4.7 million existing Latino-owned businesses employ 3.5 million workers; and
Whereas, Latinos are projected to occupy 20 percent of the national labor force in five years, 29 percent of the workforce by 2050, and 80 percent of all U.S. labor force growth between 2010 and 2050; and
Whereas, The number of jobs created by Latino owned businesses increased from 1.9 million in 2007 to 2.9 million in 2019, a 53.6 percent growth rate; and
Whereas, Latino owned businesses account for nearly half of all private sector labor market output and $100 billion in annual payroll; and
Whereas, September 14 is National Support Latino Business Day, commemorating the contributions of Latino-owned businesses to the nations economy and communities; and
Whereas, It is in the public interest for this State to raise awareness of the impact of Latino businesses on the New Jersey economy; now, therefore,
Be It Resolved by the Senate and General Assembly of the State of New Jersey:
1. September 14 of each year
is designated as Latino Business Day in New Jersey to raise awareness for the
impact of Latino-owned businesses on the economy and community.
2. The Governor is respectfully requested to annually issue a proclamation recognizing Latino Business Day in the State, and to call upon public officials and citizens of New Jersey to annually observe the day with appropriate activities and programs.
3. This joint resolution shall take effect immediately.
STATEMENT
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 businesses on September 14.