Houston Hispanic spending to represent 25 percent of market by 2022Houston Hispanic Chamber of Commerce • Sep 15, 2017
Sep 15, 2017, 3:07pm CDT Updated Sep 18, 2017, 12:48pm CDT
Jen Para Web producer Houston Business Journal
Houston Hispanic consumers currently spend about $54 billion a year, surpassing the combined spending of San Antonio and Rio Grande Valley, according to data presented at the Houston Hispanic Impact Summit on Sept. 14 at the Asia Society Texas Center.
And by 2022, it’s projected that Houston's Hispanic spending will grow to about $77 billion, more than 25 percent of the total spending in the region.
In economic output, the immigrant community produces about $65 billion in Texas. And in Houston, 38 percent of small businesses are owned by Hispanics — essentially doubling from 21 percent in 2013.
In Harris County, 42 percent of the population — nearly 2 million people — is Hispanic, up 77 percent since 2000. The Hispanic population in the Houston area is the third-largest Hispanic community in the U.S.
A key part for the Bayou City to continue its growth is to keep its “culture of opportunity,” said Joel Kotkin, the executive director for the Center for Opportunity Urbanism, in a speech at the summit.
“People have come to Houston because it has created a model of opportunity that is really seen nowhere else," he said.
He said about 53 percent of Latinos own their own home in the Houston area, which is much higher than in Los Angeles and San Francisco, where the rate is about 30 percent, and New York, where the rate is around 20 percent.
Foreign born people in the U.S., he said, are about two times more likely to start a business than natives, and it is this ingenuity and labor that will be at the core of rebuilding Houston.
Meanwhile, Cesar Espinoza, the vice president of research at NBCUniversal-owned TV stations, rejected the notion that Hispanics only use cash as 72 percent have used a credit card in the past three months. Hispanics also represent 24 percent of all auto sales and 24 percent of the residential market in the Bayou City, according to the summit.
As published by Houston Business Journal https://www.bizjournals.com/houston/news/2017/09/15/houston-hispanic-spending-to-represent-25-percent.html