Grand Rapids ranks 93rd in US for Hispanic entrepreneurs
A personal finance website has ranked Grand Rapids near the bottom third in a ranking of cities with good business climates for Hispanic entrepreneurs.
Grand Rapids ranks 93rd out of 150 cities on WalletHub’s 2017 “Best Cities for Hispanic Entrepreneurs” ranking, which it posted last month.
The city ranks 83rd for Hispanic business friendliness and 98th for Hispanic purchasing power, for its overall rank of 93.
WalletHub analysts compared the 150 most-populated U.S. cities using two key factors: Hispanic business friendliness and Hispanic purchasing power. The factors were weighted and divided into 21 metrics.
Hispanic business friendliness (60 points): share of Hispanic-owned businesses; Hispanic entrepreneurship rate; average growth of Hispanic business revenues; small business friendliness; entrepreneurial activity; industry variety; five-year business survival rate; significant startups per capita; small business loans per total number of small businesses; average monthly rent for office space; corporate tax rank; and average length of workday in hours.
Hispanic purchasing power (40 points): affordability; income growth for Hispanics; housing affordability for Hispanics; Hispanic unemployment rate; percentage of Hispanic residents; Hispanic population growth; percentage of Hispanics with at least a bachelor’s degree; Hispanic housing tenure; city growth.
Analysts then calculated a total score for each city based on its weighted average across all metrics and used the resulting scores to construct the final ranking.
Best versus worst
Hialeah, Florida has the highest share of Hispanic residents, 95.6 percent, which is 63.7 times higher than in Jackson, Mississippi, 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, Rhode Island, 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, California, the cities with the lowest at 4.9 percent.
Toledo, Ohio has the most-affordable office space, 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 office space at an annual rate of $80.22 per square foot.
Fort Lauderdale, Florida 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.
1. Laredo, Texas
2. El Paso, Texas
3. Pembroke Pines, Florida
4. Corpus Christi, Texas
5. Brownsville, Texas
6. Hialeah, Florida
7. Irvine, California
8. Amarillo, Texas
9. Springfield, Missouri
10. Oklahoma City
141. Long Beach, California
142. Vancouver, Washington
143. Buffalo, New York
144. Glendale, California
145. Newark, New Jersey
146. Jersey City, New Jersey
149. New York
150. Providence, Rhode Island