Calling all Latino entrepreneurs! We did the research for you and these are the best cities in the U.S. for your business in 2020.
It’s a documented fact that the Hispanic and Latino (similar but not quite the same) communities in the United States keep growing and thriving, especially in certain states such as Texas, Florida, and California.
According to the U.S. Census Bureau the number of Hispanics living in the U.S. is nearing 60 million, and they own over 4.4 million businesses. Overall, their contribution to the economy reaches the $700 billion mark.
The best part? The conditions for Hispanic-owned businesses will only keep improving, as Latinos are expected to make up a quarter of the U.S. population by 2050.
So let’s say you are a Latino entrepreneur ready to launch your startup, what are the best cities for you?
1. Laredo, Texas
This one is pretty much unanimous. Laredo is a thriving city right in the border with Mexico, with an economy completely dependent on Latino businesses and trade with its southern neighbor (a Latino one, by the way).
Laredo has the second-highest rate of Hispanic residents in the country and, when your demographic dominates the market, it’s a recipe for success.
2. San Francisco, California
The heart and soul of renowned Silicon Valley, San Francisco have also become a magnet for Latino startups.
LatinSF is an initiative that provides contacts and consultancy services free of charge for Hispanic companies that choose the city to start its operations.
It also helps that Google has its Developers Launchpad Space in the city, a project that works with digital entrepreneurs in emerging countries.
3. Miami, Florida
Here we are including Miami and its neighboring city of Pembroke Pines (just 20 miles north), as both ranked very high in a report by WalletHub about the conditions for Latino businesses in different cities of the U.S.
Miami has long been perceived as the Latino capital of the world and it delivers on its reputation, as this report ranked it as number one in ‘Hispanic Business Friendliness’.
The thing with Miami is that it really offers the best of both worlds, a booming economy, and a huge Hispanic population.
After the top 3, there are a few other cities that offer excellent conditions for Latino entrepreneurs. Most of them are obviously located in the southern border states or in Florida.
Cities such as Austin, San Antonio, or Corpus Christi in Texas, or Tampa and Hialeah in Florida, are also great choices for Latino startups.
Then, there are some surprising options like the capital of Alaska, Juneau, and Charleston in West Virginia, ranking both very high in ‘Hispanic Purchasing Power’.
Things are moving up for the Hispanic business community in general, but finding the best environment for your company is vital for its success.
With the demographics of the U.S. changing fast, Latino companies will only find more and more opportunities to thrive. Make sure to be in the right place at the right moment.