If you’re a Black entrepreneur and you don’t live in one of the following 10 cities, you may want to consider relocating. Blacktech Week used data from the U.S. Census Bureau to update its list from 2015 of cities where Black entrepreneurs thrive. The same cities made this new list that was previously published by NerdWallet, only they were ranked differently this time around, HuffPost reported.
The top ten cities, defined as areas with more than 100,000 residents, continues:
7. Durham, North Carolina (down from fifth place):
“Several accelerators, co-working spaces, and entrepreneurial convening places” boosted Durham’s thriving Black business community, which has contributed to the city’s significant decrease in unemployment (from 6.1 percent to 3.8 percent).
8. Baltimore/ Towson, Maryland:
Although the city took a financial hit with the loss of many manufacturing jobs, the survival of small businesses has increased in the last five years.
9. Miami/ Fort Lauderdale/ Pompano Beach, Florida (up from 10th place):
The trifecta that keeps this metro area in the top ten included an increase in median annual income ($16,091 to $23,309), a decrease in the cost of living and a decrease in unemployment (5.7 percent to 4.2 percent).
10. Richmond, Virginia (down from ninth place):
With the “2nd highest average annual revenues for black-owned businesses,” Richmond’s history of Black entrepreneurship secured its inclusion on the updated list. position. “The Jackson Ward neighborhood is commonly referred as ‘the birthplace of Black capitalism’ and is considered the second ‘Black Wall Street,’ after the Greenwood district in Tulsa, Oklahoma,” HuffPo wrote.