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.
In light of National Small Business Week, Wallet Hub’s analysts checked the Hispanic business climate in the 150 largest U.S. cities to help aspiring entrepreneurs and established businesses find the most fertile ground for their enterprises. Our data set of 19 key metrics ranges from “Hispanic entrepreneurship rate” to “median annual income of Hispanics” to “percentage of Hispanics with at least a bachelor’s degree.” Continue reading below for our findings, expert business commentary and a full description of our methodology.