The number of Hispanic-owned businesses has grown by more than 70 percent since 2007. That’s according to a new report released by the Arizona Hispanic Chamber of Commerce.

As of 2012, there were nearly 90,000 Hispanic-owned businesses in the state.

Arizona’s Hispanic Market report also indicated that much of that growth was fueled by women. Female Hispanic business owners in the state more than doubled between 2007 and 2012.

But despite the growth, Hispanic owned businesses are seeing less revenue than those owned by non-minorities.

Gonzalo de la Melena, president of the Arizona Hispanic Chamber of Commerce, speculates the disparity could be due to the fact that many businesses are family run with less access to external financing.

"We’re growing fast but we have less of a tenure, less of a history," said de la Melena. "And so our goal is to help close that gap and so if we could achieve parody collectively it would generate literally millions of dollars of benefit to the economy."

According to the report, Hispanic-owned businesses employ about 60,000 people in the state.

EDITOR'S NOTE: The headline of this article has been modified to reflect the growth rate of Hispanic businesses, not the economic impact.

Updated 9/24/2015 at 12:05 p.m.