A
ccording to popular surveys, such as those conducted by Forbes, Texas provides an excep-
tionally favorable business environment. Corpus Christi has also been ranked as one of the
top U.S. cities particularly for Hispanic entrepreneurs and small businesses. Small businesses
are the backbone of every local economy. Most businesses, including the world’s largest tech
companies like Microsoft and Apple, start from humble beginnings. Business formation and
growth of existing businesses are also the key sources of long-term economic growth.
BUSINESS CYCLES
Today, more than 7,000 firms operate with employees in the metro area, compared to about
6,000 in 1980. While the number of local businesses has increased by nearly 20 percent since
1980, a large number of new businesses enter the local market each year at the same time a
large of number of existing businesses exit the area or simply fail. The area experienced a net
loss of about 500 businesses in the aftermath of the oil crash in the mid-1980s. About the same
number of firms also disappeared in Corpus Christi following the nationwide housing bubble
burst and the subsequent 2007-2009 recession.