Hispanic and Latino demographics are currently creating businesses at 15 times the national rate, and are expected to become a third of the U.S. population by 2050.
BY RENE THOMPSON
Albuquerque was ranked 41st among 150 of the largest U.S. cities for Hispanic Entrepreneurship, according to a new study from WalletHub.
Hispanic and Latino demographics are currently creating businesses at 15 times the national rate, and are expected to become a third of the U.S. population by 2050, the report said.
Hispanic-owned businesses will surpass 4 million nationally by the end of the year, contributing $661 billion in combined annual revenue. The report identified 19 relevant metrics categorized by “Hispanic Business Friendliness” and “Purchasing Power” that represents the most favorable conditions for Hispanic businesses, from median affordability and income growth, to unemployment and education, or start-ups per capita and survival rates.
Laredo, Texas, was ranked number one as the best city with an overall score of 65 percent, while Providence, R.I., was ranked 150— the worst, with 24 percent. Albuquerque was graded at 44 and 41 for Hispanic Business Friendliness and Purchasing Power, with an overall score of 44 percent.
Literature and Cultural Studies Professor at University of Houston Guillermo de los Reyes Heredia said the biggest challenge for Hispanics is access to information and knowledge of regulations, especially when most have insufficient funds to start a business.
“It is also difficult to venture and navigate outside their communities,” he said. “There should be more federal funds to provide start-up packages to start businesses and invigorate their communities at large.”
Albuquerque has a 48.1 percent Hispanic or Latino population, which surpasses all other inhabitants, including the white populace, by 8 percent, according to abq.org.