SIOUX FALLS, S.D. (KELO AM) - Sioux Falls is the 17th best city for Hispanic entrepreneurs compared to 150 of the largest cities in the United States according to WalletHub.
Jill Gonzalez says WalletHub's analysis considered Hispanic business friendliness and Hispanic purchasing power.
Gonzalez says Sioux Falls scored well in significant Hispanic startups per capita with one of the highest rates in the country. She says the other area Sioux Falls scored well in was industry variety of Hispanic owned businesses. It's not one type of business that Hispanics are starting in the city but a varied array of shops.
Gonzales says Sioux Falls performed even better when it comes to Hispanic purchasing power. She says median household income for Hispanics, adjusted for the cost-of-living, at around $51,000 a year. She says that income has grown over the past five years by over 15%. She says that's pretty rare and that number alone boosts Sioux Falls in the ranking.
She says one area that Sioux Falls could do a little better in is the shear percent of Hispanic residents which is around 5%.
Not only is the Hispanic and Latino community expected to make up a third of the U.S. population by 2050, the is group is creating businesses at 15 times the national rate.
For more on the study: 2017’s Best Cities for Hispanic Entrepreneurs.