Speech #1100030184

Madam Speaker. the Center for an Urban Future recently released a report titled. "A World of Opportunity." The "report reiterates the fact that immigrant entrepreneurs are key engines of growth for many cities in the United States. Every census taken from 1880 to 1990 has revealed that immigrants were selfemployed significantly more than Americanbom natives. The number of immigrant entrepreneurs in 2005 was 350 out of 100.000. compared to 280 of 100.000 for those born in the United States. Research maintains that immigrant entrepreneurs have made positive contributions to the U.S. economy for more than a century. Nowhere are the contributions of selfemployed immigrants. to urban economies. more visible than in New York City. where people migrate from almost every part of the world. Despite ethnic differences. New York City immigrants often arrive with an entrepreneurial determination. Over the past 10 to 15 years. immigrant entrepreneurs have fueled much of the overall growth in new businesses across the City and have triggered dramatic turnarounds in neighborhoods. Communities such as Sunset Park. Flushing. Richmond Hill and Washington Heights have all reaped from the seeds of growth powered by immigrant owned businesses. There is no doubt that Immigrants will continue to make significant contributions to the Citys economic growth in the future. There are several reasons why immigrants start their own businesses and in such record numbers. The risk of a business venture appears comparatively minimal to the surmountable risk immigrants have already taken when packing up their homes and moving to a country where the majority of the people do not speak their native language. Another motivation for immigrants to open up their own businesses is the recognition that they can offer a variety of products and services that many other entrepreneurs cannot. Similarly. many immigrants prefer the solace that comes with owning a business instead of having to deal with the numerous struggles and frustrations of participating in the large business work force where immigrants are often discriminated against. paid unfairly and required to work uncommon hours. The stereotype that immigrant businesses represent small "momandpop shops" such as restaurants and local grocery stores no longer holds true. Immigrant entrepreneurs have a growing presence in several vital sectors of the New York Citys economy such as: biotechnology. construction. food manufacturing. mass transportation. telecommunications and restaurant equipment sales. Every year. Inc. Magazine publishes what they call the "Inc. 500." a list of Americas fastest growing privately owned businesses. In 2005. 55 of Inc. Magazines 500 business owners were immigrants. Collectively their companies employed more than 14.000 individuals and contributed almost $1.4 billion to the U.S. economy. At a time in which outsourcing and corporate mergers are on the rise. it is likely that small. homegrown businesses will only become more integral to New York Citys future economic success. However. while celebrating these successes and contributions it is important to remember that many immigrants face considerable challenges when deciding to open a business. New Yorks regulatory environment can be daunting to any entrepreneur. The addition of language and cultural barriers. in many cases. exacerbate this process.