Tampa among top 10 cities in the U.S. for Hispanic entrepreneurs, according to WalletHub study | Tampa
The city of Tampa has recently earned a prestigious spot among the top 10 cities in the United States for Hispanic entrepreneurs, according to a comprehensive study conducted by WalletHub, a personal-finance website.
The report, titled “2023’s Best Cities for Hispanic Entrepreneurs,” was released Sept. 6, shedding light on the thriving Hispanic entrepreneurial scene in Tampa and across the nation.
With the increasing growth and influence of Hispanic entrepreneurs in the United States, WalletHub’s study was designed to provide insights into the most favorable cities for these dynamic business leaders to flourish.
The study compared over 180 cities across 24 key metrics, including the Hispanic entrepreneurship rate, Hispanic income growth, and the percentage of Hispanic-owned businesses.
Tampa, earning the ninth position in the ranking, has emerged as a hub for Hispanic entrepreneurship, providing fertile ground for aspiring business owners to achieve their dreams. WalletHub’s analysis found that one in four new businesses in Tampa is Hispanic-owned, reflecting the city’s welcoming and supportive business environment for this community.
The top 10 cities for Hispanic entrepreneurs, as revealed by WalletHub, include several other Florida cities — Orlando secured the top spot, followed by Miami, Pembroke Pines, Cape Coral, and Fort Lauderdale.
The Sunshine State’s representation in the top rankings showcases the opportunities and resources available to Hispanic entrepreneurs in Florida.
Tampa’s position on this list reflects the city’s dedication to nurturing diversity and inclusivity within the local business landscape. With a thriving Hispanic community, a range of resources and opportunities for entrepreneurs, and strong economic growth, Tampa continues to establish itself as a prominent destination for Hispanic entrepreneurs.
WalletHub’s comparison of cities revealed eye-opening statistics, such as Hialeah, Florida, having the highest percentage of Hispanic residents, and Mobile, Alabama, having one of the lowest Hispanic unemployment rates in the nation.
With the Hispanic community comprising 25.7% of Tampa’s population, according to Tampa’s Economic Dashboard, community leaders weigh in on the importance of the growth of Hispanic-led businesses.
Diana Walker, vice president of the Tampa Bay Latin Chamber of Commerce
It comes as no surprise that Tampa has earned its place among the top 10 cities for Hispanic entrepreneurs. The Latino community, currently the second-largest population in the United States, continues to exhibit remarkable growth. According to the latest U.S. Census data, the Hispanic population has surged by more than 80% since 2020.
Looking closer to home, Hillsborough County’s engagement with Hispanic-owned businesses reveals a promising landscape. Of the 1,025-plus certified firms, an impressive 39% are Hispanic-owned. These small enterprises, typically employing an average of three to five workers, play a significant role in our local economy. In the fiscal year 2021-2022, Hispanic-owned and Black-owned businesses jointly accounted for approximately 52% of the overall spending on minority and women-owned businesses in the county.
Tampa stands as an emerging market with immense growth potential, and this progress is fueled by the power of collaboration and the rich tapestry of diversity that defines the city’s history and dynamics.
