Last summer, a quiet shift took place in California, and it changed the face of the state as we know it.

For the first time since becoming a state in 1850, the population in California is predominantly Hispanic. In fact, by 2020, nearly 41 percent of the population in California will identify as Hispanic. By 2060? Nearly half. 

While the shift in population may not seem like a big deal on face value -- there have always been high numbers of Latino residents in the state of California -- when it comes to the economic landscape of the state, the change may wind up being pretty monumental.

As the nation struggles to rebuild after a number of years in recession, a group of heavyweight buisness contenders have emerged California. They add 650,000 jobs and $100 billion to the economy annually, and all of those business owners are Latino. 

When it comes to the statistics, it sure does seem like Latino entrepreneurship is poised to take over. Right now, there are over 700,000 Latino-owned businesses in California, with 200,000 of those in LA county. The number of businesses have increased 6x since 1990, and the count continues to grow at a rapid pace. 

This economic growth has made way for national interest in the region. The Hispanic Business Magazine has rated the Los Angeles area No. 1 in its top 10 ranking of best cities for new Latino entrepreneurs, knocking Miami out as the top city for Latino business people. Perhaps they had a reason for the choice, though. Nationally, Latin businesses are growing nationally at twice the rate of others, and in L.A., the number is even higher, at three times the rate. 

While some of the business growth comes from small businesses or mom-and-pop outlets, many of the businesses that are being established by Latino owners are extremely profitable, multi-employee companies.

Take Molina Healthcare out of Long Beach, for example. Molina Healthcare is listed as the 3rd most profitable Latino business in the entire country. The company was started in 1980 by C. David Molina, an emergency room physician in Long Beach, after he noticed a trend of patients visiting the hospital for minor conditions like sore throats or the flu. These indigent patients turned to emergency care after being turned away by clinic doctors hesitant to accept Medi-Cal.

In a bid to respond to the needs of that population, Dr. Molina opened the first clinic location of Molina Healthcare. By doing so became the first physician to open a clinic with the goal of treating the lowest-income patients, regardless of their ability to pay for services.

The clinic flourished under Dr. Molina's guidance, and the fledgling healthcare office has become a chain of medical clinics that provide managed care for patients in California, Washington, Utah and Michigan for those covered under Medicaid and related programs.

That group of clinics now bring in about $3.0 billion dollars a year, and the success has earned them some pretty legitimate accolades, too. Molina Healthcare was listed on the 2013 Fortune 500 list, sitting at the 423rd spot.

As more stories like the one of Dr. Molina and Molina Healthcare emerge, it becomes clear that the phenomenal trend of entrepreneurship among Latinos will continue to have impact for the community. More Latino-owned businesses mean more economical clout and more buying power, and more opportunity to effect political and social change.

And while the increased opportunity the trend will indeed positively affect the Latino community, it certainly is not limited to them. A study out of Los Angeles showed that this growth will help to pull the city out of the still-murky waters of the economical bust.

While it remains to be seen as to whether Latino-owned businesses will be the answer to all of the economy's woes, one thing is for sure: the growth is making a dent in the problem, one job at a time.