BTN News: As Hispanic entrepreneurs continue to play a pivotal role in the U.S. economy, finding the best cities for launching and growing businesses has never been more important. According to a new report by WalletHub, nearly one in four new businesses in the U.S. is Hispanic-owned, reflecting the dynamic growth of this demographic. With Hispanic Heritage Month approaching, WalletHub has released its list of the “Best Cities for Hispanic Entrepreneurs in 2024,” spotlighting the most fertile grounds for Hispanic business owners across America. Pembroke Pines, Florida, ranks at the top, boasting the highest rates of Hispanic entrepreneurship and a supportive business environment that includes low corporate taxes and high rates of homeownership among Hispanic residents.
Hispanic Entrepreneurs on the Rise: Key Findings from the WalletHub Report
The WalletHub report reveals that contributions from Hispanic and Latino communities are set to become even more significant in the coming decades. With Hispanics projected to comprise 28% of the U.S. population by 2060, their purchasing power and influence in the business landscape are growing rapidly. The study examined over 180 U.S. cities, evaluating them across 23 key metrics—including the percentage of businesses owned by Hispanics, entrepreneurship rates, and income growth among Hispanic residents—to determine the most favorable locations for Hispanic entrepreneurs.
Why Pembroke Pines, FL is the Best City for Hispanic Entrepreneurs
Pembroke Pines, Florida, emerges as the top city for Hispanic entrepreneurs in 2024. Here’s why:
- High Hispanic Business Ownership: Around 30.5% of all businesses in Pembroke Pines are Hispanic-owned, making it one of the highest in the country.
- Strong Entrepreneurial Spirit: The city boasts the highest rate of Hispanic entrepreneurship nationwide, coupled with robust rates of new business creation across the board.
- Favorable Business Environment: Pembroke Pines offers the tenth-lowest corporate tax rate among the cities studied, allowing business owners to retain more of their earnings and reducing the risk of financial strain.
- Supportive Community: With over 47% of its population identifying as Hispanic, Pembroke Pines provides a large, culturally aligned consumer base. It also has the third-highest percentage of Hispanic residents who own their homes, adding to economic stability.
Top 10 Cities for Hispanic Entrepreneurs in 2024
According to the WalletHub report, these are the top 10 cities for Hispanic entrepreneurs in 2024:
- Pembroke Pines, FL
- Orlando, FL
- Fort Lauderdale, FL
- Port St. Lucie, FL
- Miami, FL
- Cape Coral, FL
- Hialeah, FL
- Missoula, MT
- St. Petersburg, FL
- Laredo, TX
What Makes These Cities Stand Out for Hispanic Entrepreneurs?
“Cities like Pembroke Pines and Orlando provide favorable conditions for Hispanic-owned businesses, from low corporate taxes to growing local markets,” explained Chip Lupo, an analyst at WalletHub. “High rates of entrepreneurship and strong Hispanic communities make these cities especially conducive to business growth.”
Lupo added, “For Hispanic entrepreneurs, these cities not only offer economic opportunities but also cultural and community connections that can support and sustain business ventures.”
The Economic Impact of Hispanic Businesses in the U.S.
Hispanic-owned businesses are a powerful force in the U.S. economy, representing nearly one in four new companies. This demographic’s economic contributions are expected to soar in the coming years, driven by both population growth and increased purchasing power. Cities with thriving Hispanic communities, like those highlighted in the WalletHub report, are well-positioned to benefit from this trend.
Conclusion: Why Location Matters for Hispanic Entrepreneurs
For Hispanic entrepreneurs seeking to start or expand their businesses, choosing the right city is crucial. Cities like Pembroke Pines not only offer a high concentration of Hispanic-owned businesses and favorable economic conditions but also a supportive community that aligns culturally and demographically with their target markets. As Hispanic entrepreneurship continues to rise, these cities are set to become hubs of innovation, growth, and opportunity.
