Categorized | economy, happenings

But immigrant-based businesses are doing great . . .

This is ancient by Internet standards (about ten days old), but Joel Kotkin of Chapman University in this Forbes.com article points out that ethnic businesses are doing fine, even while other businesses struggle during the recession.

Money quote:

Throughout the country, ethnic-based businesses continue to expand, even as mainstream centers suffer or go out of business. The key difference, notes Houston real estate investor Andrew Segal, lies in the immigrants’ greater reliance on cash. “When cash is king,” observers Segal, president of Boxer Properties, “immigrants rule.”

Three things stand out: immigrants primarily use a cash economy (including low-paid immigrants, who tend to get paid in cash), horde their cash, do not run up significant credit card debts, do not have significant amounts of money tied up in investments, and are often associated with family networks abroad that are flush with cash.

If the immigrant markets . . . represent one of the few bright spots in the present, they also will likely become even more important in the future–even if immigration slows down dramatically. By 2000, one in five American children already were the progeny of immigrants, mostly Asian or Latino; by 2015, they will make up as much as one-third of American kids.

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