Should Hispanic entrepreneurs flock to Florida? One study certainly suggests it wouldn’t be a bad idea.
WalletHub compared more than 180 U.S. cities to see where Hispanic entrepreneurs seemed to flourish the most, and took into account the purchasing power of Hispanic customers.
More than half of the top 20 cities are in Florida. Four of them are in Miami-Dade and Broward. But still, the reasons why some cities and not others are in the most coveted spots may surprise you.
Let’s break down the results.
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What cities came out on top?
The number one spot for Hispanic entrepreneurs, according to WalletHub, is none other than Pembroke Pines.
It boasts "the fourth-highest share of businesses owned by Hispanic people, at around 30.5%. The city also has the highest Hispanic entrepreneurship rate in the country, on top of one of the best entrepreneurship rates for the general population," the study says.
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The city's appeal may have something to do with the fact that it also has the 10th-lowest corporate tax rate among the cities studied.
"This helps entrepreneurs keep more money while avoiding burnout," WalletHub says. "Over 47% of the population of Pembroke Pines is Hispanic, the 23rd-highest percentage in the nation, and the city has the third-highest share of Hispanic residents who own their homes rather than renting them."
And not far behind are Orlando and Fort Lauderdale in the second and third spots, respectively.
About Fort Lauderdale, WalletHub says it "ranks at the top of the country when it comes to the share of startups between four and 15 years old that have five or more employees, which demonstrates that there’s a lot of potential for growth, especially for people starting a business by themselves."
Where's Miami on the list?
Miami comes in fifth in the ranking of best cities for Hispanic entrepreneurs, but that's not the most surprising part.
While it ranks #1 for Hispanic business-friendliness (which takes into account things like revenue growth, business survival rate and the share of Hispanic-owned businesses), it ranks #128 in Hispanic purchasing power.
To get that variable, WalletHub considered things like affordability, the Hispanic unemployment rate and job security.
