ST. PETERSBURG — Wallet Hub, a financial website for consumers and small business owners, ranked St. Petersburg as the eighth best large city in the United States for Hispanic businesses owners.
The 2014 Best and Worst Cities for Hispanic Entrepreneurs ranking was created based on several factors designed to determine both the Hispanic purchasing power in each area and the business friendliness.
Purchasing power was ranked based on eight factors including the median annual income, unemployment rate and income growth of Hispanics, housing affordability and percentage per capital and population growth. Business friendliness looked at the share of businesses owned by Hispanics, five-year survival rate of those businesses, corporate tax, average workday, small business loans per business and more.
St. Petersburg was the 13th best of the 150 cities for Hispanic purchasing power and ranked 25th in business friendliness.
Pembroke Pines; Corpus Christi, Texas; and Laredo, Texas, took the top three spots, respectively. Alternatively, Providence, R.I.; Worcester, Mass.; and Philadelphia were ranked as the three worst cities in the nation for Hispanic entrepreneurship.
The list also highlighted Tampa as the third best in the metric measuring the rate of Hispanic entrepreneurship. It ranked behind Fort Lauderdale and Miami. For the full list and criteria click here.