A new study by the Center for an Urban Future documents that immigrant entrepreneurs have emerged as a key engine of economic growth for cities from New York to Los Angeles--and, with the right support, could provide an even bigger boost to these cities in the years ahead.
The report identifies immigrant-founded enterprises poised to break into the big time — or already there, like the Lams Group, one of the city’s most aggressive hotel developers, or Delgado Travel, which reaps roughly $1 billion in annual revenues.
“Immigrants have been the entrepreneurial spark plugs of cities from New York to Los Angeles,” said Jonathan Bowles, the director of the Center for an Urban Future, a private, nonprofit research organization that has studied the dynamics of immigrant businesses that turned decaying neighborhoods into vibrant commercial hubs in recent decades. “These are precious and important economic generators for New York City, and there’s a risk that we might lose them over the next decade.”It's no coincidence that New York City's pro-immigrant stance and culture is helping spur incredible levels of new wealth.
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