As the rapidly changing demographics of the U.S. shape the future economic landscape, policymakers have been occupied with finding ways to encourage and support more minority business ownership. As part of that work, they might want to take a look at areas in which people of color already own a majority of businesses.
The border metro area of Laredo, Texas, had the largest share of businesses owned by minorities: almost three-quarters of all firms were minority-owned. Laredo was followed by McAllen, Texas (72%); Honolulu, (66%); El Paso and Brownsville, Texas (65%); El Centro, Calif. (60%); and Miami-Fort Lauderdale, (53%). Of the top 20 metro areas with the largest share of minority-owned firms, 14 were in Texas or California.