Transformation of University Avenue by Immigrant Entrepreneurs

The new report updates the 2005 study to bring a thirty year perspective on the six block stretch of University Avenue in Saint Paul.

,,the avenue continues to be an incubator for immigrant entrepreneurship. The area is becoming increasingly multi-ethnic with a growing presence of African immigrant and African American entrepreneurs. There is also a constant churning in the sectors these businesses operate. These entrepreneurs start businesses to take advantage of economic trends which also make their survival tied to these same trends – for example the housing boom and bust. We noted in many entrepreneurs a sense of pessimism as a declining economy has hurt their bottom line and considerable anxiety over light rail construction.  This was a sharp contrast to our report in 2005 where we found a greater optimism on the avenue, reflected in business expansion and diversification beyond the avenue. 

The report was profiled in a story in the Pioneer Press

ALANA Firms in Minneapolis

There are over 5000 ALANA firms in Minneapolis with $1.3 billion in revenue. There are over 700 employer firms employing over 10,000 people with an annual payroll of $326 million. (Source: Survey of Business Owners, 2007). I shared this information at the OneMinneapolis conference at the Minneapolis Convention Center today.

ALANA Buying Power $ 2.4 billion in Minneapolis

ALANA (African Latino Asian and Native American) buying power is an estimated $2.4 billion in Minneapolis. The ethnic economy can be a powerful engine of economic growth in Minneapolis. I shared this information at the OneMinneapolis conference at the Minneapolis Convention Center today.