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Springfield, MO

Springfield falls on list of best cities for Hispanic entrepreneurs

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While it still placed in the top 50, Springfield fell by 29 spots on WalletHub.com’s 2018 list of the best cities for Hispanic entrepreneurs.

The Queen City placed 38th in the study, flanked by Brownsville, Texas, and St. Petersburg, Florida. The two other Missouri cities on the list, Kansas City and St. Louis, ranked 68th and 69th, respectively, according to a news release.

The study awards 60 points for Hispanic business-friendliness and 40 for Hispanic purchasing power. The categories comprise 23 metrics.

Springfield had an overall score of 50. The city ranked 21st in Hispanic business-friendliness and 66th in Hispanic purchasing power, according to WalletHub. Comparatively, in 2017, Springfield’s overall score was 52.38, and it placed 10th in business-friendliness and 17th in purchasing power.

Highlights of Springfield’s individual metrics include:
    •    a Hispanic entrepreneurship rate of 0.8 percent;
    •    a 1.1 percent share of Hispanic-owned businesses;
    •    a 53.8 percent five-year business surival rate; and
    •    4.2 percent income growth for Hispanics.

The top five cities on the WalletHub list, by total score, are:
    •    Laredo, Texas, 61.72;
    •    South Burlington, Vermont, 61.1;
    •    Charleston, West Virginia, 57.4;
    •    Corpus Christi, Texas, 57.29; and
    •    Oklahoma City, 55.56.

Hispanics made up 3.7 percent of Springfield’s 2010 population of 159,498, according to the U.S. Census Bureau.

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