In a new study from small business experts Merchant Maverick, Florida has moved into the "Top 10 Best States for Black Business Owners." The report uses metrics such as income levels of Black businesses & proportion of Black business owners in each state. They've ranked Florida as the 10th best state in the U.S. for Black businesses.
This is a tremendous jump from last year's rankings, where Florida was number 26. Some determining factors include "The Sunshine State has the 5th highest share of Black-owned businesses per capita & the 4th lowest unemployment rate in the nation." Areas where Florida falls behind include our high cost of living and low average payroll of Black-owned businesses.
Actually, Florida's cost of living and how it compares to payroll transcends into nearly every business category in Florida. Although housing prices have come down slightly, rental prices are still out of reach for many. Especially those working in Florida's essential tourism industry.
Leading the list is Maryland thanks to it's high concentration of Black-owned businesses. Tennessee is second, and Nevada third. Our neighbor to the north, Georgia, came in at number 5. Entrepreneurs such as Tyler Perry Studios have set up businesses in and around Atlanta and have brought good paying jobs to the area.
View the full study here.
