New data released by the U.S. Census Bureau confirms what many in Providence have long known: the Latin community is one of Rhode Island's most dynamic economic forces, and its influence is only growing.

The report shows that Latin-owned businesses in Providence have grown by 34 percent over the past decade, outpacing the national average of 22 percent. The Broad Street commercial corridor, long the heart of Providence's Latin business district, now hosts more than 400 Latin-owned enterprises ranging from restaurants and bodegas to law firms and medical practices.

Economic Impact

The Latin community contributes an estimated $1.2 billion annually to Rhode Island's economy, according to the Rhode Island Latino Arts organization. This figure includes consumer spending, business revenues, and tax contributions at the local, state, and federal levels.

"Our community has always been entrepreneurial," said Marcos Rivera, president of the Rhode Island Hispanic Chamber of Commerce. "What we're seeing now is the result of decades of hard work, sacrifice, and reinvestment in our neighborhoods."

Political Representation

The economic growth has been accompanied by increasing political engagement. Latin voter registration in Providence has increased by 18 percent since 2020, and the city now has three Latin members on its city council — the highest number in Rhode Island history.

Looking Ahead

Community leaders are calling on state officials to expand small business loan programs specifically targeted at minority entrepreneurs. A bill currently before the Rhode Island General Assembly would create a $10 million revolving loan fund for minority-owned businesses, with Latin entrepreneurs expected to be among the primary beneficiaries.

"We are not just consumers of this economy — we are builders of it. Rhode Island's future prosperity is tied directly to the success of our community." — Marcos Rivera, RI Hispanic Chamber of Commerce

The data also shows that Latin households in Rhode Island have a median income that has risen 12 percent in real terms since 2015, though advocates note that gaps with the state median remain and must be addressed through continued investment in education and workforce development.