The growth of Hispanic businesses in Utah isn't even close to keeping pace with a nationwide spurt, according to a new U.S. Census Bureau report. But those eyeing Utah's economy say the state is an emerging market, ripe for new growth.

Nationwide, the number of Hispanic-owned businesses grew 31 percent between 1997 and 2002 — three times the national average for all businesses.

In Utah, Hispanic businesses grew by only 9 percent, according to the report, "2002 Survey of Business Owners: Hispanic-Owned Firms," part of the 2002 Economic Census. Utah's 5,177 Hispanic firms in 2002 accounted for $555 million in sales and receipts.

The report defines Hispanic-owned firms as those in which Hispanics own 51 percent or more of the stock or equity of the business.

Nationally, 1.5 million people were employed by 1.6 million nonfarm Hispanic businesses in 2002. Hispanic businesses accounted for $222 billion in revenue, according to the report.

Census Bureau Director Louis Kincannon said the economic census gives an accurate profile of the nation's 23 million businesses.

"The growth we see in Hispanic-owned businesses illustrates the changing fabric of American's business and industry," Kincannon said.

Utah's Hispanic firms didn't even match the 14 percent growth rate for all Utah businesses, said Robert Spendlove, manager of demographic and economic analysis for the Governor's Office of Planning and Budget.

And the rate isn't even close to Utah's booming Hispanic population, which grew by 138 percent between 1990 and 2000 and another 25 percent between 2000 and 2004.

"Right now the demand is outstripping the supply," Spendlove said. "This data is for 2002. . . . I fully expect the next time we see this data (for 2007), Utah will exceed the national average."

The 2002 numbers are the most current available for Utah because the state doesn't track data on minority-owned businesses, Spendlove said.

In Utah, and nationally, Hispanic-owned firms were less likely than non-Hispanic firms to have paid employees. There were 5,251 employees working at 895 firms with a total payroll of nearly $21.2 million.

The cities with the most Hispanic firms were Salt Lake City, with 800 firms, accounting for $121 million in sales and receipts; West Valley City with 407 firms, accounting for $43 million; and Provo with 300 firms accounting for $12 million.

Carlos Linares, executive director of the Utah Hispanic Chamber of Commerce, says Utah's Hispanic market is emerging and has seen rapid growth since 2002. And the year-old Latin American Chamber of Commerce reports it has already grown to about 200 members.