Tags: hispanic | business | economic | recovery

Harnessing the Driving Force Behind Economic Recovery

Harnessing the Driving Force Behind Economic Recovery
Teddy Peinado, founder, Peinado Construction

By    |   Friday, 14 June 2024 09:49 AM EDT

As we approach the November elections, with the economy consistently cited as the primary concern for voters, it's imperative to scrutinize the intricate elements shaping our economic landscape. Through this lens, the construction industry emerges as a crucial sector, serving as a fundamental catalyst for economic advancement and success. Within this dynamic ecosystem, Hispanic-owned businesses have risen to prominence as valued agents of innovation, job creation, and economic fortitude.

Consider the inspiring journey of Teddy Peinado, whose entrepreneurial spirit has not only impacted the industry but also transformed communities. With over three decades of experience in commercial construction and development, Peinado's expertise culminated in the establishment of Peinado Construction—a testament to Hispanic ingenuity and determination.

They are a premier design-build general contractor specializing in industrial, manufacturing, distribution and data center development. Since its inception, Peinado Construction has spearheaded billions of dollars' worth of commercial projects, and is responsible for delivering over 40 million square feet of “tilt-wall” facilities throughout Texas. Today, the company operates across multiple states, leaving an indelible mark on the construction landscape.

The triumphs of entrepreneurs like Peinado epitomize the overarching trend of Hispanic business expansion and prosperity. Recent insights from Biz2Credit reaffirm this trend, highlighting a remarkable upsurge in average annual revenue and earnings for Hispanic-owned enterprises.

Notably, the construction sector emerges as a pivotal force, with Hispanic-owned firms playing a substantial role. From spearheading traditional construction projects to leading infrastructure development initiatives, Hispanic entrepreneurs stand at the forefront, shaping our built environment and propelling economic advancement. In fact, I’ve said it before and I’ll say it again, Hispanics build American.

Yet, amidst these triumphs, formidable challenges persist, hindering the full realization of Hispanic entrepreneurship's potential. Access to capital and procurement opportunities remain significant barriers, impeding the upward trajectory of Latino-owned businesses. The findings from the Stanford Latino Entrepreneurship Initiative underscore the urgency of addressing these structural impediments, ensuring equitable access to resources and opportunities for all entrepreneurs.

It is clear that the construction industry holds immense promise as a catalyst for economic recovery and inclusive growth. Beyond its significant contributions to infrastructure development and job creation, this sector serves as a conduit for Hispanic entrepreneurial success, empowering individuals to realize their dreams and build thriving enterprises.

The construction sector also stands as a testament to the power of Hispanic entrepreneurship in driving economic renewal and prosperity. Through their resilience, innovation, and unwavering determination, Hispanic entrepreneurs like Teddy Peinado are not only building structures but also re-building our nation.

By harnessing the full potential of Hispanic-owned businesses, we can build a more vibrant and prosperous economy for all. As our country charts a course towards the future, it is incumbent upon policymakers, stakeholders, and industry leaders to foster an environment that nurtures and sustains Hispanic entrepreneurship.

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Javier Palomarez is the President & CEO of the United States Hispanic Business Council (USHBC). Palomarez is a leading voice in the areas of multi-cultural consumerism, marketing, small business, entrepreneurship, and the Hispanic electorate. He is an acclaimed spokesperson for small business and entrepreneurship, as well as a nationally recognized leader in the Hispanic community, being recognized as one of America’s most influential Hispanics for over a decade. The United States Hispanic Business Council (USHBC) is a voice for the Hispanic business community. A 501(c)6 non-profit organization, the USHBC focuses on improving access to contracting in the public and private sector, fair representation of Hispanics in business, media, and politics and ensuring Hispanics have a voice in the national dialogue. The USHBC is a bipartisan organization.

© 2024 Newsmax Finance. All rights reserved.


StreetTalk
How Hispanics in Construction Are a Pivotal Driver of Economic Revival
hispanic, business, economic, recovery
590
2024-49-14
Friday, 14 June 2024 09:49 AM
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