South Florida cities dominate the list of those best for Hispanic entrepreneurs, according to a recent report by WalletHub.
The personal finance company ranked 182 cities across "two key dimensions" — Hispanic business-friendliness and Hispanic purchasing power.
Pembroke Pines ranked first on the list with a total score of 65.11, a Hispanic business-friendliness rank of 3 and a Hispanic purchasing power rank of 40. Fort Lauderdale, in second place, had a total score of 63.98, a Hispanic business-friendliness rank of 2 and a Hispanic purchasing power rank of 73.
“In the top cities for Hispanic entrepreneurs, as many as 30% of businesses are owned by Hispanic people," said Chip Lupo an analyst for WalletHub. "While these cities also tend to have
large Hispanic populations overall, the high entrepreneurship rates indicate that they offer business-friendly conditions."
Orlando ranked third with a total score of 63.94, a Hispanic business-friendliness rank of 5 and a Hispanic purchasing power rank of 35. Miami ranked fourth with a total score of 63.66, a Hispanic business-friendliness rank of 1 and a Hispanic purchasing power rank of 126. Hialeah followed in fifth with a total score of 62.35, a Hispanic business-friendliness rank of 4 and a Hispanic purchasing power rank of 85.
"In the top cities, Hispanic entrepreneurs can enjoy low corporate tax rates and good opportunities for growth," he added.
When it comes to Pembroke Pines in particular, nearly 50% of the population in the city is Hispanic, according to WalletHub, and has the third-highest share of Hispanic residents "who own their homes rather than renting them." It has the fourth-highest share of businesses with Hispanic owners, with the "highest Hispanic entrepreneurship rate in the country."
WalletHub's best cities for Hispanic entrepreneurs
- Pembroke Pines, FL
- Fort Lauderdale, FL
- Orlando, FL
- Miami, FL
- Hialeah, FL
- Cape Coral, FL
- Port St. Lucie, FL
- Tampa, FL
- Jacksonville, FL
- Laredo, TX
Sarah Perkel is a South Florida Connect Reporter for the USA TODAY Network's Florida Connect team. You can get all of Florida’s best content directly in your inbox each weekday day by signing up for the free newsletter, Florida TODAY.
This article originally appeared on USA TODAY: South Florida cities ranked among best in US for Hispanic entrepreneurs
