For 27-year-old Irán Sanchez Salazar, being a Latino entrepreneur in Los Angeles is a source of immense pride.
The Bell resident, who spent two years in Mexico waiting for his permanent residency paperwork to come through, took that time to hone his craft and pursue a career in specialty coffee. Now Sanchez Salazar co-owns a coffee brand called “Malcriada,” with a menu inspired by Mexican and Chicano heritage and culture. In 2022, Sanchez Salazar and his girlfriend started making and selling the beans and blends at pop-ups across southeast L.A.
“I think for me, being a Latino-owned business is something I really take with me everywhere I go,” Sanchez Salazar said. “For us, it’s very important. It’s part of our mission: to preserve the culture that we inherited and also share it with other people.”
Sanchez Salazar is among a growing number of Latino Americans pursuing entrepreneurial dreams — and whose demographic has become a major driver of U.S. economic growth. New reports, released in mid-September and October during Hispanic Heritage Month, show that Latinos in the U.S. are propelling the economy forward — both as consumers and business owners. As older, non-Latino workers retire, research shows younger Latinos stepping into the labor market, contributing through personal businesses, spending and tax revenues.
With nearly 5 million Latino-owned businesses nationwide, Latinos generate more than $800 billion in annual revenue, according to a report card from the U.S. Treasury Department and the Stanford Latino Entrepreneurship Initiative, released Oct. 12. The U.S. is home to over 62.5 million Latinos — 19% of the U.S. population, the report says.
An annual study, from UCLA Health’s Center for the Study of Latino Health and Culture and California Luthern University, shows the total economic output of U.S. Latinos was $3.2 trillion in 2021 — up from $2.8 trillion in 2020 and $1.7 trillion in 2010.
The report also noted Latinos in…
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