A WalletHub study revealed the most promising cities, evaluating multiple factors such as the proportion of Hispanic-owned businesses and income growth, ranking Port St. Lucie fourth nationally.
- A WalletHub study revealed the most promising cities, evaluating multiple factors such as the proportion of Hispanic-owned businesses and income growth, ranking Port St. Lucie fourth nationally.
- Among the top cities are Pembroke Pines, Florida, ranked as the best city, followed by Orlando, Fort Lauderdale, and Port St. Lucie.
- Chip Lupo, a WalletHub analyst, commented on the top-ranked city: “Pembroke Pines is the best city for Hispanic entrepreneurs in 2024, with one of the highest Hispanic entrepreneurship rates in the country.” He also noted it is among those with the lowest corporate tax rates.
- Best Cities for Hispanic Entrepreneurs in 2024
With National Hispanic Heritage Month underway and nearly one in four new businesses in the U.S. Hispanic-owned, personal finance website WalletHub has released its report on the best cities for Hispanic entrepreneurs in 2024.
The report aims to identify the best locations for these entrepreneurs, evaluating over 180 cities across 23 key metrics, including the proportion of Hispanic-owned businesses, entrepreneurship rates, and income growth among Hispanic residents.
Among the top cities are Pembroke Pines, Florida, ranked as the best city, followed by Orlando, Fort Lauderdale, and Port St. Lucie.
The research highlights that these cities not only have a high proportion of Hispanic-owned businesses but also offer favorable conditions for business growth.
WalletHub pointed out some statistics reinforcing these findings: Laredo, Texas, has the highest proportion of Hispanic residents, 60.5 times more than Charleston, West Virginia, which has the lowest.
Meanwhile, Pearl City, Hawaii, has the lowest Hispanic unemployment rate, 12.4 times lower than Cleveland, Ohio, which has the highest. Additionally, South Burlington, Vermont, has the highest proportion of Hispanics with at least a bachelor’s degree, 9.5 times more than Gulfport, Mississippi, which has the lowest.
Chip Lupo, a WalletHub analyst, commented on the top-ranked city: “Pembroke Pines is the best city for Hispanic entrepreneurs in 2024, with one of the highest Hispanic entrepreneurship rates in the country.” He also noted it is among those with the lowest corporate tax rates.
The report also included insights from experts. Sean Walker, a professor at the University of Tennessee at Martin, emphasized the importance of authorities providing “access to financial education, credit cards, grants, and loans” regulated in ways that do not penalize Hispanic entrepreneurs.
Rachel V. González-Martin of the University of Texas at Austin stated that “Hispanic entrepreneurs bring specialized skills to the market, driving dynamism and innovation” based on their cultural experiences.
Additionally, an analysis by Marlene Orozco, lead researcher at Stanford’s Latino Entrepreneurship Initiative, highlights the resilience and entrepreneurial spirit of Latinos as key factors during economic challenges, noting that “without this group’s influx, the U.S. economic recovery would have been significantly slower.”
Walker also offered advice for aspiring Hispanic entrepreneurs, such as seeking role models and persisting in securing capital. John Gustincic, a professor at Central Michigan University, suggested “not making decisions out of fear and finding a small team of mentors who work in their best interests.”
It’s important to note that this report focuses on identifying not only where Hispanic entrepreneurs thrive but also areas that provide a supportive environment for maintaining and expanding their businesses.
Best Cities for Hispanic Entrepreneurs in 2024
Pembroke Pines (Florida)
Orlando (Florida)
Fort Lauderdale (Florida)
Port St. Lucie (Florida)
Miami (Florida)
Cape Coral (Florida)
Hialeah (Florida)
Missoula (Montana)
St. Petersburg (Florida)
Laredo (Texas)
Tampa (Florida)
Amarillo (Texas)
Albuquerque (New Mexico)
Corpus Christi (Texas)
Nampa (Idaho)
Santa Clarita (California)
Tallahassee (Florida)
Jackson (Mississippi)
Jacksonville (Florida)
Las Cruces (New Mexico)
Port St. Lucie will host a Home-Based Business Showcase next Saturday, September 16, offering small business owners insights, resources, and networking opportunities to help them thrive in a competitive business landscape.
The event will take place at the Port St. Lucie Community Center, 2195 SE Airoso Blvd, from 10 a.m. to 3 p.m.
While the event is free, pre-registration is required.
To register and for more information, visit: https://www.cityofpsl.com/business
https://wallethub.com/edu/best-and-worst-cities-for-hispanic-entrepreneurs/6491
Image: SIS
