Texas tops for 2016 best cities for Hispanic entrepreneurs
DALLAS — U.S. Hispanic Chamber of Commerce President Javier Palomarez once described Hispanic entrepreneurs as “America’s business future.” Mark his words because it’s looking as if he’s right. Not only is the Hispanic and Latino community expected to make up a third of the entire U.S. population by 2050, but this demographic is also creating businesses at 15 times the national rate today, according to a report from analytics firm Geoscape and the USHCC.
What’s more, their economic contributions are nothing short of monumental. Since 2012, the more than four million Hispanic-owned businesses in the U.S. have hauled in an extra $144 billion in combined yearly revenue, bumping 2015’s total to $661 billion.
A new study by WalletHub examined the 150 most populated cities in the country and weighed factors like highest median annual income for Hispanics and share of Hispanic owned businesses to come up with their list for top cities for Hispanic entrepreneurs.
Three Texas cities -Laredo, El Paso and Corpus Christi – topped the national list, while Plano ranked No. 12 and Grand Prairie ranked No. 18.
Plano’s high standing is impressive. It has a Hispanic population of 14.7 percent, according to WalletHub’s data, which is the lowest figure of any Texas city measured. But it had the eighth highest media household income of Hispanics, about $54,000 a year.
Additionally, only 4.5 percent of Plano Hispanic residents are unemployed, the second lowest figure in the country.