The United States is often dubbed “a nation of immigrants.” But lately the path to American citizenship has been a rough road, especially for an increasing number of Hispanics. Whether they’ve entered U.S. borders lawfully or otherwise, many have felt the sting of marginalization, racism and discrimination in every kind of social environment. And despite the unfriendly welcome, they’re as motivated as ever to put down roots in American soil in order to find better opportunities and improve their lives.
For Hispanics who’ve successfully integrated into American society, they also have managed to contribute significantly to the economy. Their collective impact is reflected in the growing quantity of Hispanic-owned businesses in the country, which stood at 3.1 million in 2013. Together, they hauled in an estimated $486 billion in revenue, as reported by Geoscape and the U.S. Hispanic Chamber of Commerce (USHCC). Even the estimated 11.7 million undocumented immigrants in the U.S. bestow net positive gains on the national economy over time.
Equally as impressive, Hispanics opened businesses — many owned by self-employed individuals — at a rate more than twice the national average of 18 percent between 2002 and 2007, according to the most recent U.S. Census Bureau figures. Today, Hispanics and Latinos constitute the largest ethnic minority in the U.S. And by 2050, they could make up a third of the country’s population, quickly becoming what USHCC President and CEO Javier Palomarez appropriately described as “America’s business future.”
In celebration of National Hispanic Heritage Month beginning Sept. 15, WalletHub assessed the minority business climate within the 150 largest U.S. cities. We did so by examining 19 key metrics such as Hispanic entrepreneurship rates, corporate tax systems and the share of businesses owned by Hispanics. With the findings of this study, WalletHub aims to help aspiring Hispanic and Latino entrepreneurs find the most fertile ground from which to grow their enterprises.
The top ten cities for Latino entrepreneurs are:
1. Pembroke Pines, FL
2. Corpus Christi, TX3. Laredo, TX
4. Gilbert Town, AZ
5. Rancho Cucamonga, CA
6. Jacksonville, FL
7. El Paso, TX
8. St. Petersburg, FL
9. Baton Rouge, LA
10. Chandler, AZ
For the full list of 150 cities and more detailed information go to WalletHub: http://wallethub.com/edu/best-and-worst-cities-for-hispanic-entrepreneurs/6491/