Mexican Nationals have moved from only spending dollars on recreational areas. We are now looking to start new businesses and contributing more in the future.
San Antonio, TX (PRWEB) May 24, 2013
It’s a question that many South Texas economic experts have wondered for decades: How much has the Mexican National contributed to the United States economy?
On April 12, 2013, the San Antonio Hispanic Chamber, VISA®, IBC Bank and the SABÉR Research Institute released results which prove the longstanding contribution of the Mexican National to the South Texas economy.
In a comprehensive report, Steve Niven, Director & Chief Economist with the SABÉR Research Institute, reported that the Mexican National contribution to the South Texas economy is now valued at over $2 billion annually. For years, the revenue streams identified from Mexican Nationals were thought to be from “holiday” shopping. However, the increased growth in revenue is now attributed to come from year-round incoming revenue from visitors and business owners from Mexico.
Additionally, with data captured from VISA® and IBC Bank, many shopping myths were dispelled in the report. Many economists and business owners in South Texas believed Mexican National revenue contributions were made primarily in cash. Mr. Michael Marx, Senior Business Leader, VISA® provided detailed information which proved that Mexican Nationals used VISA® to pay for a variety of purchases when travelling to the United States throughout the year.
In a detailed breakdown of the Mexican National spending habits, VISA® and IBC Bank’s collaborative effort showed that spending is primarily in the following areas: clothing, dining, lodging, healthcare and medicine. Asociacion de Empresarios Mexicanos, President Eduardo Bravo, also provided insight on the growing number of Mexican Nationals who are opening businesses in South Texas. “Mexican Nationals have moved from only spending dollars on recreational areas. We are now looking to start new businesses and contributing more in the future.”
In all, the report unveiled optimistic information to economic analysts on both sides of the border. Mayor Julián Castro spoke on behalf of the City of San Antonio and was not surprised at the outstanding contribution the Mexican National has on the San Antonio economy. “San Antonio is perfectly poised to welcome business from Mexico and maintain a relationship which benefits both of our economies,” remarked Castro.
Castro’s point was well-received by all attendees as the report clearly illustrated the Mexican Nationals continued escalating role in economic growth for San Antonio, the State of Texas and the Southwest region. Moreover, the report can serve as a blueprint for other regions as the reach of the Mexican National dollar spans across the United States.
As the leading source behind the report, the San Antonio Hispanic Chamber will now share the information with their members and other Southwest cities in the US. "This data is vital to business owners here and in South Texas. Understanding the spending power of the Mexican National is key to planning the future of any business," says Alexander E. Briseño, San Antonio Hispanic Chamber Chair, distinguished Professor of Public Service in Residence at St. Mary’s University and retired San Antonio City Manager. "We are excited to share this information with our members and business owners across the state and country."