AFRICANGLOBE – If you’re an African-American entrepreneur looking to locate a new business in the most profitable location possible, NerdWallet crunched the economic data for you. General tip? Georgia is pretty hot.
Geography can certainly play a role in how well a business fares, and consumer advocacy NerdWallet has once again criss-crossed economic and demographic data with zip codes nationwide to generate a best areas for business list—this time focusing in on Black business owners in particular.
In examining 109 of the largest U.S. metropolitan areas, San Francisco-based Nerd Wallet honed in on Black-owned businesses that, according to its data, number 2.1 million in the United States and generate more than $138 billion in annual revenues collectively.
The results are based on factors including: the strength of the economic environment, including cost of living; median income for Blacks in that region; numbers of businesses per capita in general; and unemployment rate. It also looked at the percentages and success of the existing Black-owned businesses in each location.
Here’s the list of best places for Black-owned businesses:
1. Columbus, Ga., metro area
2. Montgomery, Ala., metro area
3. Atlanta-Sandy Springs-Marietta, Ga.
4. Memphis, Tenn., metro area
5. Washington-Arlington-Alexandria, Virginia, metro area
6. Fayetteville, North Carolina, metro area
7. Durham, N.C., metro area
8. Jackson, Miss., metro area
9. Savannah, Ga., metro area
10. Baltimore, metro area
By: Teresa Novellino