Expect the Hispanic and Latino community’s contributions to the U.S. economy to be nothing short of monumental in the coming decades. Not only is this demographic expected to make up a third of the U.S. population by 2050 — translating into immense buying power — this group is also creating businesses at 15 times the national rate, according to one report.
The timing therefore could not be more appropriate for Hispanic entrepreneurs to bring their business ideas to fruition. But where is the most fertile ground for a Hispanic-owned enterprise? To answer that question, WalletHub’s analysts compared the 150 largest U.S. cities across 21 key indicators of business friendliness toward Hispanic entrepreneurs. Our data set of 21 key metrics ranges from Hispanic entrepreneurship rate to median annual income of Hispanics to share of Hispanics with at least a bachelor’s degree. Read on for our findings, expert business insight from a panel of researchers and a full description of our methodology.
Best vs. Worst Hialeah, Fla., has the highest share of Hispanic residents, 95.6 percent, which is 63.7 times higher than in Jackson, Miss., the city with the lowest at 1.5 percent. Plano, Texas, has the lowest Hispanic unemployment rate, 4.2 percent, which is 4.6 times lower than in Providence, R.I., the city with the highest at 19.5 percent. Pittsburgh has the highest share of Hispanics with at least a bachelor’s degree, 46.2 percent, which is 9.4 times higher than in Detroit and Santa Ana, Calif., the cities with the lowest at 4.9 percent each. Toledo, Ohio, has the most affordable office spaces, at an annual rate of $11.93 per square foot, which is 6.7 times lower than in San Francisco, the city with the least affordable at an annual rate of $80.22 per square foot. Fort Lauderdale, Fla., has the highest entrepreneurship rate among the Hispanic population, 2.51 percent, which is 20.9 times higher than in Toledo, Ohio, the city with the lowest at 0.12 percent.