HACR

Corporate Alerts

The HACR Research Institute Releases the 2015 HACR Hispanic Procurement Report

The Hispanic Association on Corporate Responsibility (HACR) released today the 2015 HACR Hispanic Procurement Report, featuring statistics demonstrating the growth of Hispanic-owned businesses in the U.S. and trends in procurement spend with Hispanic-owned businesses.

The 2015 HACR Hispanic Procurement Report reveals that the growth of Hispanic-owned businesses in the U.S. have created more opportunities for corporate partnerships today compared to previous years, however overall procurement spend with Hispanic-owned businesses remains low. Changes in spend with Hispanic suppliers is not keeping pace with the growth of Hispanic entrepreneurs.

Key highlights of the 2015 HACR Hispanic Procurement Report include:

· The average total number of U.S. based Hispanic suppliers for the sample was 187 in 2014 compared to 169 in 2013.
· The average total U.S. based procurement spend with Hispanic-owned businesses was nearly $800 million in 2014.
· 96 percent of the sample had a strategic plan for supplier diversity which was reviewed regularly.

“While we’ve seen some progress in the average procurement spend of Fortune 100 companies with Hispanic-owned businesses, it still falls very short of what we think these businesses can handle and what Corporate America can do,” said HACR President and CEO Cid D. Wilson. “We want Fortune 100 and 500 companies to strengthen their partnerships with Hispanic entrepreneurs to ensure that increased procurement opportunities are available to this growing sector of the entrepreneurial market.”

The 2015 HACR Hispanic Procurement Report serves as a tool for Fortune 500 companies to gain a better understanding of the opportunities and challenges that companies have when working with minority vendors, as well as offers recommendations for how to increase the utilization of these vendors moving forward.

To read the 2015 HACR Hispanic Procurement Report, please click here.

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