Newark, Jersey City among 10 worst cities for Hispanic entrepreneurs, report says

By Jeff Goldman | NJ Advance Media for NJ.com
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on September 09, 2014

Newark is one of the worst cities in the nation for Hispanic entrepreneurs, according to a new study.

 

Hispanics business owners in Newark and Jersey City face a difficult road to success, a new study says.

The cities are ranked among the 10 worst cities for Hispanic entrepreneurs according to a report issued today by Wallet Hub. Of the 150 largest cities in the nation, only three ranked worse than Newark. Jersey City didn't fare much better, placing 143rd.

Wallet Hub compiled its list by examining Hispanic entrepreneurship rates, corporate tax systems and the share of businesses owned by Hispanics. It used 19 different metrics.

Newark was ranked 148th in Hispanic purchasing power and 130 in "business friendliness." Jersey City checked in at 144 and 126.

The top three cities for Hispanic entrepreneurs by Wallet Hub's standards are Pemboke Pines, Fla; Corpus Christi, Texas; and Laredo, Texas.

New York City and Philadelphia also fared poorly, ranking 128th and 148th, respectively.

About one-third of Newark's population of about 277,000 is Hispanic; Roughly 28 percent of Jersey City's 248,000 residents identified themselves as Hispanic in the 2010 census.

Read the complete methodology of the Wallet Hub study here.

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