US Latinas are contributing to the Houston economy at a volume worth celebrating

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Latina businesswomen are not just contributing to the economy; they are giving life to it. Photo via Getty Images

Hispanic Heritage Month provides an opportunity each year to reflect on the impact Hispanics have made in our culture. Whether we recognize it or not, we experience this impact year-round through our food, sports, business, politics, science, education and the arts. Yet, one of the most important and lasting impacts that isn’t often celebrated is the role the Hispanic community plays in accelerating economic growth.

The recently released U.S. Latina GDP Report, commissioned by Bank of America, reveals a powerful truth: Latinas are a driving force in the U.S. economy, contributing $1.3 trillion to the GDP in 2021.

In fact, Latina economic output has grown over 50 percent in a decade - far outpacing the growth rate of any other segment. Today, the Latina GDP is larger than the entire economy of Florida, and that of every other state except California, New York and Texas.

This rapid rise reflects the resilience, hard work and entrepreneurial spirit of Latinas across the country. Here in Houston, these statistics are evident in the contributions of Latinabusiness owners who are driving our local economy and revitalizing our community.

Known as one of the most ethnically and culturally diverse cities in America, Houston is bolstered by an ever-growing Latino population. With over 2.8 million Hispanic and Latino residents in 2023, the Houston metropolitan area is home to the fourth-largest Hispanic and Latino population in the nation. Latina entrepreneurs are playing a vital role in shaping our economic landscape. About 25 percent of all Latino-owned businesses in Texas are owned by Latinas. To provide perspective, there are more than 11,000 Latino-owned businesses in Houston that are preserving the heritage of our community while fueling economic growth.

When it comes to college education, the number of Latinas with a bachelor’s degree or higher increased 103 percent between 2010 and 2021, while the number of highly-educated non-Hispanic females increased only 38.3 percent. And despite being just 9.3 percent of the U.S. population, Latinas are responsible for 30.2 percent of the U.S. labor force growth since 2010.

Through this increased educational attainment and powerful entrepreneurial mindset, Latinas continue to build thriving businesses that uplift their local communities, propel economic mobility and create generational wealth. They provide valuable services and act as role models, showing the next generation what is possible with dedication and opportunity.

As we celebrate Hispanic Heritage Month and the significant role Latinas play in our nation’s economic growth, we applaud the women who are strengthening our city, local communities and beyond.

These women are not just contributing to the economy; they are giving life to it.

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Elizabeth Romero is the managing director of business banking and Central and Southwest Region executive at Bank of America Houston.

The growth of the Hispanic entrepreneur and small business owner, whether through corporate or individual support, is a positive for the entire state. Photo via Getty Images

Houston expert: How you can support Hispanic entrepreneurs in Texas

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Texas’ demographics are changing. The latest statistics from the American Community Survey from the U.S. Census Bureau states Hispanic Texans are estimated to be the largest demographic group in the state at 40.2 percent. However, the U.S. Small Business Administration reports Texas Hispanics make up only 29.4 percent of business owners.

Many times, small businesses are a good barometer for an area’s economic health. When Texas’ Hispanic businesses succeed, so does the state’s economy. Therefore, it is imperative for Texans to support its Hispanic entrepreneurs and small business owners so the local economy can thrive. There are a variety of ways to show support, both large and small.

Support supplier diversity

Supplier or vendor diversity programs serve both businesses well. These programs, when founded with the intention to help foster and grow businesses with shared values and behaviors, breed innovation through collaboration. Businesses do not have to be large to implement vendor diversity programs, but it helps if they are established with strong processes in place.

Training can be a major benefit for the entrepreneurs involved in vendor diversity programs. This is the best opportunity for entrepreneurs to fine-tune business processes and to streamline their work to become a more efficient vendor, which is ideal for all parties. In turn, these learnings foster growth, preparing them for more new business opportunities, and it give them the ability to compete at a higher level.

Back innovation hubs

There are numerous innovation hubs across the state where entrepreneurs can come together to research and create. Encouraging Hispanic entrepreneurs to plug into these diverse communities can only help accelerate their business to a profitable state and bring it to scale.

For the Hispanic executives who have found success, it is important to encourage these entrepreneurs and participate in programming. When an entrepreneur sees someone who looks like them succeed, it gives a boost of confidence that success is within reach. Mentoring is another avenue that can lead entrepreneurs to further success. Studies show entrepreneurs who are mentored have more profitable and long-lasting businesses when paired with a mentor.

Support and recommend business

The simplest way for anyone to help a Hispanic entrepreneur, as is the case with every small business, is to patronize and recommend them to others. When an entrepreneur with an exceptional product or service is found, purchasing directly supports the entrepreneur’s dream, and word-of-mouth marketing is priceless. This can be as easy as telling another business owner about their service or posting about it on social media.

At a corporate level, consider these businesses for events. A popular Hispanic-owned catering company could become a preferred vendor for client lunches or sales meetings. Prizes and gift bags are popular at larger events and stocking them with products from local entrepreneurs can help them land another loyal customer. Taking it a step further, highlight these entrepreneurs and small business owners throughout the event, giving them your company’s stamp of approval.

When Texans support Hispanic entrepreneurs and their businesses, there is a significant impact on the economy through job creation, increased wages and tax revenue. The growth of the Hispanic entrepreneur and small business owner, whether through corporate or individual support, is a positive for the entire state.

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Steve Arizpe is president and chief operating officer with Houston-based Insperity.

Supporting and honoring our Hispanic-Latino clients is not just a month-long initiative, it is a long-term, generational investment in America and we are proud to be investing in a stronger economy for Houston now and for years to come. Photo via Getty Images

Expert: Building Hispanic wealth means investing in Houston

Guest column

Every year at this time ― Hispanic Heritage Month ― we collectively celebrate the economic, cultural, and social contributions of the Hispanic-Latino community to our nation. We honor the work of past generations which have allowed children and future generations to benefit from more opportunities.

As diverse a community as is the world, we strive to build a future where there are no barriers for success, and at Bank of America, we do our part to make an impact by helping build Hispanic-Latino wealth in Houston.

The numbers are clear: The 2020 Census revealed that the Hispanic-Latino population in the United States rose to 62.1 million, making up 18.7 percent of the total U.S. population and accounting for slightly more than half (51.1 percent) of the population growth between 2010 and 2020. Hispanic-Latinos now open more small businesses than any other group in the country and are also the fastest-growing demographic of small business owners across the nation. It is not surprising that Hispanic-Latino economic power continues to rise year after year. According to Nielsen Scarborough, the number of Houston Hispanic businesses have increased 85 percent since 2013.

Investing in business

Investing in Hispanic-Latino wealth means supporting entrepreneurs so they are set up for success. Early-stage funding is critical for the growth of a new business, especially when Hispanic-Latino entrepreneurs are still faced with gaps in financial literacy and business education, funding, and networking opportunities.

According to data from Crunchbase, Latino-founded startups accounted for only 2.1 percent of venture investments in the U.S. last year. This is unjustifiable.

As part of our commitment to advancing racial equality and economic opportunity, we have dedicated $350 million in minority- and women-led companies through capital investment by mission-focused venture funds. Of the funds we have in our portfolio, one in every four are led by Hispanic-Latino managers, providing capital that will help entrepreneurs and small business owners grow their businesses, create jobs, and improve financial stability.

An important element to creating opportunities for Hispanic-Latinos to build wealth, whether as a business owner or an employee, is ensuring that young people recognize higher education as a pathway to achieve success. That means partnering with colleges and universities and investing in job creation, skills-building, and support services for students to do so. Locally, we do this with EMERGE Fellowship and with the University of Houston College of Medicine. When we invest in students, we are investing in future professionals and business leaders who will build Hispanic-Latino wealth and contribute to Houston’s economy and culture. This is something we can celebrate together for years to come.

Investing in sustainable homeownership

Sustainable homeownership provides a lasting investment for future generations and cycles capital into the community. The National Association of Hispanic Real Estate Professionals (NAHREP) recently released data showing an increase in Latino homeownership, from 47.5 percent in 2019 to 48.4 percent in 2021, the highest level since the mid-2000s. Through the Community Homeownership Commitment, which provides low down payment loans and closing cost grants, families can take their savings and turn them into lasting legacies. It is a pillar for families to build wealth.

Here in Houston, we also support organizations that assist with homeownership, like Tejano Center, Avenue CDC, and Houston Habitat for Humanity. Building Hispanic-Latino home equity increases the amount of capital families can use now or in the future helping build our Houston economy.

During the past decade, the rate of Hispanic-Latino economic development has far outpaced rates among non-Hispanics. Supporting and honoring our Hispanic-Latino clients is not just a month-long initiative, it is a long-term, generational investment in America and we are proud to be investing in a stronger economy for Houston now and for years to come.

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Rick Jaramillo is the market executive for Bank of America Houston.

What's an employee group and why do you need to know about it during Hispanic Heritage Month? This Houston expert explains. Photo via Getty Images

Houston expert: How employee groups help Hispanic professionals win in corporate America

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Making a name for yourself in corporate America is no easy task. It is especially hard if you are the first generation in your family to attend college in this country and the first to take a stab at climbing the corporate ladder. The secret behind those who successfully make it to the top is access to a strong support group.

Finding the right support system, one that provides professional and personal mentorship and one that you identify with culturally, can help you navigate the business world and help you achieve your career goals.

Many Hispanic/Latino professionals have found that support system in employee groups, or EGs.

What are EGs and how can they help Hispanic professionals succeed?

EGs are employee-led groups that foster inclusivity and build community. The purpose of the group is to provide personal and professional support to its members, who usually share certain characteristics in common – like being Hispanic, or those who simply have interest in learning about a culture that is not unique to them.

AT&T has 14 EGs, including HACEMOS, which was established in 1988 and is dedicated to supporting Hispanic employees and the communities they live in. There are 36 HACEMOS chapters across the country supporting more than 8,500 members. The Houston chapter currently supports 278 members – all in different phases of their career.

HACEMOS members believe that “Juntos HACEMOS más,” which means “Together we do more.” Under that guiding belief, members work together to support each other in advancing their careers. Through HACEMOS, AT&T employees can participate in various professional development learning opportunities and have access to one- on-one mentorship sessions with members from the leadership team.

For many members, the group offers a safe environment to engage and learn from other professionals who understand their personal and professional hurdles from a cultural point of view.

At a personal level, the support I receive from HACEMOS has helped me to better understand and be proud of my heritage. HACEMOS has embraced my “Latina” identity, encouraging me to continue using my Spanish skills to serve our Latino customers within AT&T.

EGs provide members with a sense of community and belonging. 

Most EGs have a community aspect to them that allow members to work together to address needs in their communities. HACEMOS members in Houston take pride in organizing, volunteering, and participating in various initiatives that provide support to the most vulnerable members of their community.

This year, in honor of Hispanic Heritage Month, the Houston HACEMOS Chapter will be hosting events throughout the city, helping support our youth and instill the importance of continuing their education and striving for success. Our national group is actively volunteering on efforts to help close the digital divide (the gap between people who have reliable internet access and those who do not) which is more likely to impact people of color, especially Hispanic families.

EGs create a win-win for employees and employers. 

EGs are beneficial to employees and employers. It’s true, EG members are engaged and develop strong relationships with their colleagues from other departments resulting in a collaborative environment.

Also, the company benefits from the knowledge and skills EG members gain through the various workshops and learning resources. In addition, EG members serve as brand ambassadors in the community for the company while they participate in community volunteer events.

So, if the company you work for currently does not have an EG you identify with, it’s easy to build your case to launch one. And if your company has an EG you identify with, then I encourage you to join it today – I can ensure you, it will be a rewarding experience that can help you advance your career.

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Erika Portillo is the Houston HACEMOS president for AT&T.

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Houston space tech companies land $25 million from Texas commission

Out Of This World

Two Houston aerospace companies have collectively received $25 million in grants from the Texas Space Commission.

Starlab Space picked up a $15 million grant, and Intuitive Machines gained a $10 million grant, according to a Space Commission news release.

Starlab Space says the money will help it develop the Systems Integration Lab in Webster, which will feature two components — the main lab and a software verification facility. The integration lab will aid creation of Starlab’s commercial space station.

“To ensure the success of our future space missions, we are starting with state-of-the-art testing facilities that will include the closest approximation to the flight environment as possible and allow us to verify requirements and validate the design of the Starlab space station,” Starlab CEO Tim Kopra said in a news release.

Starlab’s grant comes on top of a $217.5 million award from NASA to help eventually transition activity from the soon-to-be-retired International Space Station to new commercial destinations.

Intuitive Machines is a space exploration, infrastructure and services company. Among its projects are a lunar lander designed to land on the moon and a lunar rover designed for astronauts to travel on the moon’s surface.

The grants come from the Space Commission’s Space Exploration and Aeronautics Research Fund, which recently awarded $47.7 million to Texas companies.

Other recipients were:

  • Cedar Park-based Firefly Aerospace, which received $8.2 million
  • Brownsville-based Space Exploration Technologies (SpaceX), which received $7.5 million
  • Van Horn-based Blue Origin, which received $7 million

Gwen Griffin, chair of the commission, says the grants “will support Texas companies as we grow commercial, military, and civil aerospace activity across the state.”

State lawmakers established the commission in 2023, along with the Texas Aerospace Research & Space Economy Consortium, to bolster the state’s space industry.

Houston experts: Can AI bridge the gap between tech ambitions and market realities?

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Despite successful IPOs from the likes of Ibotta, Reddit and OneStream, 2024 hasn’t provided the influx of capital-raising opportunities that many late-stage tech startups and venture capitalists (VCs) have been waiting for. Since highs last seen in 2021—when 90 tech companies went public—the IPO market has been effectively frozen, with just five tech IPOs between January and September 2024.

As a result, limited partners have not been able to replenish investments and redeploy capital. This shifting investment landscape has VCs and tech leaders feeling stuck in a holding pattern. Tech leaders are hesitant to enter the public markets because valuations are down 30 percent to 40 percent from 2021, which is also making late-stage fundraising more challenging. After all, longer IPO timelines mean fewer exit opportunities for VCs and reduced capital from institutional investors who are turning toward shorter-term investments with more liquid exit options.

Of course, there’s always an exception. And in the case of a slowed IPO market, a select slice of tech companies—AI-related companies—are far outperforming others. While not every tech startup has AI software or infrastructure as their core offering, most can benefit from using AI to revise their playbook and become more attractive to investors.

Unlocking Growth Potential with AI

While overall tech startup investment has slowed, the AI sector burns bright. This presents an opportunity for companies that strategically leverage AI, not just as a buzzword but as a tool for genuine growth and differentiation. Imagine a future where AI-powered insights unlock unprecedented efficiency, customer engagement and a paradigm shift in value creation. This isn’t just about weathering the current storm of reduced access to capital; it’s about emerging stronger, ready to lead the next wave of tech innovation.

Here's how to navigate the AI frontier and unlock its potential:

  1. Understand that data is the foundation of AI success. AI is powerful, but it’s not magic. It thrives on high-quality, interconnected data. Before diving into AI initiatives, companies must assess their data health. Is it structured in a way that AI can understand? Does it go beyond raw numbers to capture context and meaning—like customer sentiment alongside sales figures? Rethinking data infrastructure is often the crucial first step.
  1. Focus on amplifying strengths, not reinventing the wheel. The allure of AI can tempt companies into pursuing radical reinvention. However, a more effective strategy is to leverage AI to enhance existing strengths and address core customer needs. Why do customers choose your company? How can AI supercharge your value proposition? Consider Reddit’s strategic approach: They didn’t overhaul their platform before their 2024 IPO. Instead, they showcased the value of their vast online communities as fertile ground for AI development, leading to a remarkable first-day stock surge of 48 percent.

  2. Use AI as a customer-centric force multiplier. Companies with a deep understanding of their customer base are primed for AI success. By integrating AI into the very core of their product or service—the reason customers choose them—they can create a decisive competitive advantage based on delivering tangible customer value.

From Incremental Gains to Transformative Growth

This practical, customer-centric approach has the potential to help companies generate immediate growth while laying the foundation for future reinvention. By leveraging AI to optimize operations, deepen customer relationships, and redefine industry paradigms, late-state tech startups can not only survive but thrive in a dynamic market. The future belongs to those who embrace AI not as a destination but as a continuous journey of innovation and growth.

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Hong Ogle is the president of Bank of America Houston. Rodrigo Ortiz Gomez is a market executive in Bank of America’s Transformative Technology Banking Group as well as the national software banking lead for the Global Commercial Bank.

Houston joint venture secures $5.2M for AI-powered methane tracking tech

Fresh Funds

Houston-based Envana Software Solutions has received more than $5.2 million in federal and non-federal funding to support the development of technology for the oil and gas sector to monitor and reduce methane emissions.

Thanks to the work backed by the new funding, Envana says its suite of emissions management software will become the industry's first technology to allow an oil and gas company to obtain a full inventory of greenhouse gases.

The funding comes from a more than $4.2 million grant from the U.S. Department of Energy (DOE) and more than $1 million in non-federal funding.

“Methane is many times more potent than carbon dioxide and is responsible for approximately one-third of the warming from greenhouse gases occurring today,” Brad Crabtree, assistant secretary at DOE, said in 2024.

With the funding, Envana will expand artificial intelligence (AI) and physics-based models to help detect and track methane emissions at oil and gas facilities.

“We’re excited to strengthen our position as a leader in emissions and carbon management by integrating critical scientific and operational capabilities. These advancements will empower operators to achieve their methane mitigation targets, fulfill their sustainability objectives, and uphold their ESG commitments with greater efficiency and impact,” says Nagaraj Srinivasan, co-lead director of Envana.

In conjunction with this newly funded project, Envana will team up with universities and industry associations in Texas to:

  • Advance work on the mitigation of methane emissions
  • Set up internship programs
  • Boost workforce development
  • Promote environmental causes

Envana, a software-as-a-service (SaaS) startup, provides emissions management technology to forecast, track, measure and report industrial data for greenhouse gas emissions.

Founded in 2023, Envana is a joint venture between Houston-based Halliburton, a provider of products and services for the energy industry, and New York City-based Siguler Guff, a private equity firm. Siguler Gulf maintains an office in Houston.

“Envana provides breakthrough SaaS emissions management solutions and is the latest example of how innovation adds to sustainability in the oil and gas industry,” Rami Yassine, a senior vice president at Halliburton, said when the joint venture was announced.

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This story originally appeared on our sister site, EnergyCapitalHTX.com

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