Study shows immigrants 'a real engine' for growth

Highly skilled immigrant entrepreneurs are starting many new businesses, not just small shops and restaurants. This story give figures on several US cities. DP

By Edward Iwata, USA TODAY

USAtoday.com: The growing number of immigrant entrepreneurs in major U.S. cities is giving a huge lift to urban economies and even outpacing self-employed native-born Americans, according to a report Tuesday.

"It's not just a handful of mom-and-pop enterprises," says Jonathan Bowles, director of the Center for an Urban Future, a non-profit think tank in New York that conducted the study. "Immigrants have become a real engine for economic and job growth in many sectors."

Immigrants, of course, have started small shops, restaurants and other neighborhood businesses throughout U.S. history.

But with the fast-rising immigrant population in recent years, highly skilled immigrant entrepreneurs in many industries are creating broader "enclave economies" of supermarkets, food-manufacturing companies, health clinics, banks, law firms, high-tech start-ups and other companies.

The report, "A World of Opportunity," says the immigrant economy is thriving in:

•Los Angeles. Immigrants started 22 of the city's 100 fastest-growing businesses, including Red Peacock International, a consumer electronics wholesaler; PriceGrabber.com, an online comparison-shopping store; and Norstar Office Products, a workplace furniture company.

Los Angeles County also boasts more businesses owned by Latinos and Asians than any U.S. county.

•New York. While the number of businesses citywide rose only 9.6% from 1994 to 2004, the number of firms exploded in immigrant neighborhoods such as Flushing (55%), Sunset Park (47%), Sheepshead Bay-Brighton Beach (34%) and Washington Heights (18%).
Be sure to read the rest of this story! This is only a small part of it.