Sorry, Hialeah. It’s Pembroke Pines that is nirvana for Hispanic entrepreneurs, at least according to a new WalletHub report.
The Southwest Broward city ranked No. 3 on WalletHub’s 2017 Best Cities for Hispanic Entrepreneurs list released Wednesday. Hialeah ranked a respectable No. 6, Miami was No. 19 and Fort Lauderdale was 25th in the survey that compared the 150 largest U.S. cities across 21 key metrics, including Hispanic entrepreneurship rate, Hispanic income growth and share of Hispanic-owned businesses.
For Hispanic purchasing power, a measure that factors in income levels, income growth, cost of living including housing, share of the Hispanic population with at least a bachelor’s degree and unemployment among other factors, Pembroke Pines ranked 7th in the nation, while Hialeah, Miami and Fort Lauderdale ranked 81st, 93rd and 95th respectively (ouch).
Pembroke Pines also ranked No. 4 for “Hispanic Friendliness” but its South Florida neighbors trumped in the category, a measure that includes Hispanic entrepreneurship rate, revenue growth, number of small business loans made, office rent and other factors.
Hialeah ranked No. 2, Miami ranked No. 3 and Fort Lauderdale ranked No. 6. in Hispanic friendliness (Laredo, Texas, trumps all). According to the survey, Hialeah had the highest share of Hispanic residents in the country, at 95.6 percent, which is 63.7 times higher than in Jackson, Miss., the city with the lowest at 1.5 percent.
Miami, Hialeah, Fort Lauderdale, Tampa and Irvine, California, all had the highest entrepreneurship rate among the Hispanic population, tying at 2.51 percent, which is 21 times higher than in Toledo, Ohio, the city with the lowest at 0.12 percent.
Pittsburgh has the highest share of Hispanics with at least a bachelor’s degree, 46.2 percent, but Pembroke Pines, 29.9 percent, had the highest share among South Florida cities and ranked 13th overall.
So which cities are better than Pembroke Pines for Hispanic entrepreneurship? According to the survey, it’s Laredo and El Paso, Texas, Nos. 1 and 2 respectively.
What was the worst city for Hispanic entrepreneurs? That would be Providence, R.I.
Full report is here.