Today, the New York Fiscal Policy Institute’s Immigration Research Initiative released a study examining the number and characteristics of immigrant small business owners across the country. The report, Immigrant Small Business Owners: A Significant and Growing Part of the Economy, provides a detailed profile of immigrant small business owners and the effect they have on the national and local economies. Key findings from the data for Colorado:
Immigrant Owned Small Businesses in Colorado
- There are 13,177 immigrant-owned small businesses in Colorado, according to a 2010 estimate. That’s roughly 11 percent of the total number of small businesses in Colorado.
- The total earnings of immigrant small business owners in Colorado is $684 million or 7 percent of the total earnings of small business owners in the state, according to a five-year average from the American Community Survey.
Immigrant Business Ownership Closely Linked with Immigrant Labor in Colorado
- As the immigrant share of the labor force has increased over time, so too has the immigrant share of small business owners in Colorado.
- This trend exists at the national level as well, see FPI report page 14.