3 things to know about how Hispanics are impacting Houston's economy
By Briana Edwards/Contributor
The Hispanic community is significantly impacting the Houston economy through their spending, ownership and business ventures, according to data from the Houston Hispanic Chamber of Commerce.
1. Hispanic spending
Hispanics in Houston are spending over $54 billion a year and are anticipated to make up over 25 percent of spending in the region. The Houston Hispanic Chamber of Commerce said consumer spending in the Hispanic community will increase to $80 billion a year by 2020 and $99 billion by 2024.
2. Hispanic ownership
Hispanics make up quarter of the region's residential market with over half of Hispanics in Houston owning their own homes. The community also represents a quarter of all automobile purchases in the region. Additionally, nearly 30 percent of Hispanics in Houston own an investment.
3. Hispanic entrepreneurship
Those within the Hispanic community are twice as likely to start a business. A Houston Hispanic Chamber of Commerce report says Hispanic entrepreneurship doubles other demographics in the region. Hispanic-owned businesses represent over one-tenth of all firms in the region while small businesses owned by Hispanics exceeds 42 percent.
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