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South Florida Tops for Hispanic Entrepreneurs PDF Print E-mail
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Tuesday, 07 August 2007
August 6, 2007
Hispanic Business Magazine
Doreen Hemlock -- South Florida Sun-Sentinel

FloridaSouth Florida is tops when it comes to Hispanic-owned companies in the United States, according to rankings just released by Hispanic Business magazine of Santa Barbara, Calif.

Companies from Fort Lauderdale and Miami lead all three of the major lists compiled yearly by the magazine: the largest Hispanic-owned business in the United States by revenue, the fastest-growing and the top exporter.

The top seller as well as largest exporter is Miami-based Brightstar Corp., with revenue and exports topping $3 billion last year. The fastest-growing is Fort Lauderdale's Liberty Power Corp., with compounded annual growth of 249 percent since 2002 to reach $120 million in sales last year, the magazine reported, citing company data.
 
 
Miami companies topped all three lists in 2005, when real estate developer The Related Group was the largest, telecommunications service provider LatiNode of Miami the fastest-growing and Brightstar the top exporter, according to the magazine.

South Florida regularly leads the lists, analysts said, because Hispanics in the area tend to be better educated and richer than elsewhere in the country and therefore more likely to develop companies.

The 2006 U.S. Diversity Markets Report found Hispanics in the greater Miami-Fort Lauderdale area had the highest education levels among major Hispanic markets nationwide.

Of Hispanic adults 18 and older, 81 percent in the area completed high school and 34 percent completed college. That compares with greater San Antonio, where 72 percent of Hispanic adults completed high school and 20 percent college, the report said.

Furthermore, Hispanics in greater Miami-Fort Lauderdale had higher-than-average buying power than Latinos nationwide: more than $19,000 each in disposable income, compared to nearly $16,000 each for all U.S. Hispanics, said the report prepared by researcher Synovate Diversity Miami.

The business prowess dates to the Cuban influx of the 1960s, analysts said. Many of the Cubans who fled communism were entrepreneurs and professionals, who eventually started businesses in South Florida. As they developed banks and other companies, they attracted entrepreneurs from other Latin American nations, many interested in exports to the nearby region.

"If you've got a good success story in a place, others follow," said Cuba-born Jose "Pepe" Lopez, president of the Latin Chamber of Commerce of Broward County.

South Florida's trade- and service-based economy also tends to lure more of Latin America's professionals, while the Latin working class tends toward other U.S. areas with more jobs at farms and factories, analysts said.


Source: Copyright (c) 2007, South Florida Sun-Sentinel. Distributed by McClatchy-Tribune Information Services.
 
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