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El Paso Named 2017’s 2nd Best City for Hispanic Entrepreneurs

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Brian Wancho

The Hispanic community is growing all over the United States, and El Paso is fertile ground for Hispanic entrepreneurs looking to create businesses.

In the past, the Hispanic and Latino community’s growth was fueled by immigration. Now, more Hispanics and Latinos are born right here in the United States. In fact according to a study released in 2015, Hispanics and Latinos will make up a third of the U.S. population by 2050. Not only that, in three years Hispanic-owned businesses grew by 750,000. That is 15 times the national growth rate.

Personal-finance website WalletHub decided to look at different cities to see where the “most fertile ground for a Hispanic-owned enterprise” are located. To do this, the website looked at 21 key metrics to figure out where the best cities are. On that list, El Paso came out as the second best city for Hispanic entreprenuers!

Here is how El Paso did on this report:

Hispanic Business Climate in El Paso (1=Best, 75=Avg.)

  • 4th – Share of Hispanic Residents
  • 4th – Share of Hispanic-Owned Businesses
  • 46th – Hispanic Unemployment Rate
  • 45th – % of Hispanics with at Least a Bachelor’s Degree
  • 8th – Hispanic Renter-to-Owner Ratio
  • 21st – Hispanic Entrepreneurship Rate
  • 13th – Hispanic Income Growth
  • 33rd – Median Annual Income of Hispanics (Adjusted for Cost of Living)
  • 20th – Housing Affordability for Hispanics

Here are the 21 key metrics used by WalletHub:

Hispanic Business-Friendliness – Total Points: 60
  • Share of Hispanic-Owned Businesses: Double Weight (~8.57 Points)
  • Hispanic Entrepreneurship Rate: Double Weight (~8.57 Points)
    Note: This metric measures the number of Hispanic-owned firms adjusted for the Hispanic population.
  • Average Growth of Hispanic Business Revenues (2012 vs. 2007): Full Weight (~4.29 Points)
  • Small Business-Friendliness Score*: Full Weight (~4.29 Points)
  • Entrepreneurial Activity Index*: Full Weight (~4.29 Points)
  • Industry Variety: Full Weight (~4.29 Points)
  • 5-Year Business Survival Rate*: Full Weight (~4.29 Points)
  • Significant Startups per Capita: Full Weight (~4.29 Points)
    Note: This metric measures the number of 4- to 15-years old startups with at least five employees adjusted to population
  • Small-Business Loans per Total Number of Small Businesses: Full Weight (~4.29 Points)
  • Average Monthly Rent for Office Space: Full Weight (~4.29 Points)
  • Corporate Tax Rank*: Full Weight (~4.29 Points)
  • Average Length of Workday (in Hours): Full Weight (~4.29 Points)
Hispanic Purchasing Power – Total Points: 40
  • Affordability: Full Weight (~4.71 Points)
    Note: This metric was calculated as follows: Median Annual Income of Hispanics / Cost of Living.
  • Income Growth for Hispanics: Full Weight (~4.71 Points)
  • Housing Affordability for Hispanics: Full Weight (~4.71 Points)
    Note: This metric was calculated as follows: Median Annual Income of Hispanics / Median House Price.
  • Hispanic Unemployment Rate: Full Weight (~4.71 Points)
  • Percentage of Hispanic Residents: Full Weight (~4.71 Points)
  • Hispanic Population Growth: Full Weight (~4.71 Points)
  • Percentage of Hispanics with at Least a Bachelor’s Degree: Full Weight (~4.71 Points)
  • Hispanic Housing Tenure: Half Weight (~2.35 Points)
    Note: This metric measures the Hispanic renter-to-owner ratio.
  • City Growth: Full Weight (~4.71 Points)
    Note: This metric is based on WalletHub’s Fastest

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