Florida Tops List for Hispanic Entrepreneurship

Florida is well known for its sunshine, oranges and tourist attractions but it is also the hotbed for Hispanic entrepreneurship. According to a new report from WalletHub, nine of the top 10, and 11 of the Top 15 cities for Hispanic entrepreneurs are in the Sunshine State, from Pembroke Pines down south to Jacksonville in the northeast, Florida’s Hispanic businesses – along with the Hispanic population – are booming.

According to U.S. Census Bureau data, the state’s Hispanic population accounts for more than 27% of the total and is growing.

“The Latino population in general is growing, so it makes sense that the number of entrepreneurs would also grow,” said University of Iowa Assistant Professor Miranda J. Welbourne Eleazar, in the WalletHub release. “This is particularly true if individuals have difficulty obtaining a full-time job or if they feel unwelcome in such jobs. By starting more businesses and reaching the Latino community, they will spur economic and job growth. They may also provide inspiration for future Latinos to enter entrepreneurship, continuing to grow the economy through other businesses as well.”

It is also a good sign for St. Johns, Flagler and Volusia counties, with all three boasting rising Hispanic populations, albeit below the statewide average, although St. Johns County is close at a 23.2% growth rate since 2020 and Volusia not too far behind at 14.3%. Flagler County lags with a 11% since the 2020 census and 13.2% of the county’s overall population.

Even so, it signals an area of the business community primed for growth.

With communities across the nation competing for new business development and states touting their business-friendly practices, cultivating and encouraging entrepreneurship is an item on every economic development agency’s list. The example being set by Hispanic entrepreneurs is not only important to the Hispanic community, but to the wider entrepreneurial ecosystem as well.

In this age of remote work and instant global access, quality-of-life issues have become even more important in fostering economic development. Florida’s sunny weather and sandy beaches are no longer enough and business owners looking to expand or relocate need more than the promise of warm ocean breezes before making an investment in a community.

One of the most commonly used phrases in economic development circles is “business friendly,” which can be interpreted in different ways. The growth of Hispanic entrepreneurship across the state is on-the-ground proof that Florida is a good place to start – and grow – a business.