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Philadelphia is home to more than 200,000 Hispanics. 

Is Philadelphia friendly to Hispanic entrepreneurs?

According to a 2017 report, Philadelphia ranks among the lowest in providing a favorable environment for Hispanic-owned businesses. 

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When it comes to being a city welcoming of Hispanic entrepreneurs, Philadelphia leaves something to be desired.

At least according to a report by WalletHub. Earlier this year, the personal finance website ranked the 150 most populated cities in the U.S. by how conducive they are to Hispanic-owned businesses.

Philadelphia sits at the bottom of the list at number 148, trumping only New York City and Providence, Rhode Island.

To determine the rankings, WalletHub’s analysts compiled a data set of 21 key metrics relating to friendliness to Hispanic-owned businesses and Hispanic purchasing power. Among these factors were each city’s Hispanic entrepreneurship rate, the median annual income of Hispanics, and the number of Hispanics with a bachelor’s degree or higher.

Contributing to Philadelphia’s low position, the city tied with five others for the highest Hispanic unemployment rate.

Pittsburgh, the only other Pennsylvania city included in the list, fared better at number 120.

At number one is Laredo, Texas. With a total population of about 257,000, the city sits along the border with Mexico. Laredo is one of five Texas cities ranked in the top 10, and one of 16 in the top 50. At number 13, San Antonio, Texas, is the highest ranked city that has more than one million residents.

Number of cities in the Top 50

Texas, 16/50 (32%)

Florida, 10/50 (20%)

North Carolina, 4/50 (8%)

Colorado, 3/50 (6%)

California, the state with the highest population of Hispanics, has 14 cities within the top 100.

Number of cities in the Top 100

Texas, 16/100 (16%)

California, 14/100 (14%)

Florida, 11/100 (11%)

North Carolina, 6/100 (6%)

The overall percentage of Hispanic entrepreneurs has more than doubled in the past 20 years, jumping from 10% of the total number of U.S. entrepreneurs in 1996 to 24% in 2016.

 

 

 

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