According to a recent U.S. Census Bureau report, the United States will not have a clear racial or ethnic majority by 2043. The country's shifting demographics have had huge implications for the nation's economy, and the ripple effects of these changes are already being felt in many areas across the U.S..
No city better embodies these trends than Houston, Texas. Houston recently surpassed New York City as one of the most racially and ethnically diverse cities in the country, has one of the nation's highest immigration rates and is one of the top metropolitan areas for job growth and minority entrepreneurship. However, the recession has had a disproportionate effect on the city's minority finances. Experts say that increased minority wealth building, financial literacy and access to credit and capital are fundamental to growing the region's economy.
On September 3rd, National Journal traveled to Houston, Texas to host a Next America summit, underwritten by MasterCard. The summit convened local opinion leaders for a robust discussion about minority financial inclusion, wealth building and business ownership. We explored questions such as: How can the country close its widening wealth gap? What investments need to be made to improve minority access to key monetary services? How does minority business ownership impact community growth? And what lessons can be learned from recent demographic developments in Houston?