During recent times of economic downturn, the search for potential wells of economic hope has consumed the nation and its cities. One source that’s had significant impact is the most recent wave of immigration and its affect on enterprise. Jonathan Bowles reasons in his article Immigrant Entrepreneurism: An Engine for Economic Recovery that although the inherent benefits of immigrant entrepreneurism have begun to take effect, their maximum potential has not been achieved due to several debilitating factors, at least in New York.

Statistics such immigrants being 30% more likely to start a new business than native-born citizens and a dramatic, 53%, increase in self employed immigrants undeniably demonstrate their economic power. He continues to bring numbers that demonstrate this one fact.

On the other hand disadvantages that include a lack of financial literacy, the language barrier and overzealous regulations have inhibited the potential of these immigrants. They are less likely to expand their businesses and those already open have lower average receipts than their counterparts in other cities.

Fortunately there is cause for optimism. Several new initiatives have been proposed to increase trust and assist non-governmental and community organizations with the growth of the immigrant economy. Hopefully this growth can revitalize the economy as a whole as well.