The Greater Charlotte, N.C., area is the best city to work for a small business, according to a new survey by Wallet Hub, the three-year-old website that provides tools and information to consumers and small business owners to help them make financial decisions.
Wallet Hub analyzed the small-business environment in the 100 most populated metros in the U.S., and used 11 metrics to assess which cities are friendliest to workers and job seekers.
The study concluded that Charlotte-Concord-Gastonia, N.C., ranked first as the country’s best small business environment, based on the number of businesses with fewer than 250 employees, the growth of those business, net job growth, industry variety, the percentage of small businesses that provide health insurance to employees, and employee earnings.
Wallet Hub also ranked Greater Charlotte 18th for its economic environment, which includes its median annual income, unemployment rate, average hours worked, population growth, and “well-being index.”
Combining the two scores, Wallet Hub ranked Charlotte first overall as the best city to work for a small business. Charlotte is followed by Raleigh, N.C., (with a small-business environment rank of 10th, and economic environment rank of 3rd). Oklahoma City (2nd and 21st), Austin-Round Rock, Texas (14th and 4th), and Omaha-Council Bluffs, Neb. (4th and 12th).
The worst metros to be working for a small business, based on Wallet Hub’s criteria, are Youngstown-Warren-Boardman, Ohio/Pa. (100th, 95th), Stockton-Lodi, Calif. (99th, 85th), Toledo, Ohio (87th, 100th) Scranton-Wilkes Barre-Hazelton, Pa. (84th, 99th), and Fresno, Calif. (98th, 72th).
Wallet Hub also ranked metros by different subcategories. For example, three of the top five metros with the highest net small-business job growth are in Florida: Cape Coral-Fort Myers, Lakeland-Winter Haven, and North Port-Sarasota-Bradenton. Conversely three of the five metros with the lowest small-business job growth are in California: Bakersfield, Stockton-Lodi, and Fresno.
Miami-Fort Lauderdale-West Palm Beach, Fla., ranks highest for the number of small business per 1,000 inhabitants. That ratio in Miami is two times higher than in Bakerfield, which ranks lowest in this subcategory.
Houston-The Woodlands-Sugar Land, Texas, has the highest earnings for small business employees (adjusted for cost of living), whereas Honolulu has the lowest earnings.
Wallet Hub also finds that the unemployment rate in Fresno is four times higher than in Provo, Utah. Cape Coral is expected to have the highest increase (103.4%) in population through 2042, while Youngstown is projected to have the highest decrease over the period (11.1%)
Wallet Hub offers some tips for employees looking to land a small-business job. It recommends that job seekers tailor their search, “but avoiding limiting yourself” to a certain job classification or industry. It also recommends that job seekers look beyond their immediate compensation and consider the longer-range growth prospects that an employer can offer. And job candidates need to be ready to defend any information about themselves that might be floating around on social media.
Related Stories
Airports | Jun 29, 2022
BIG and HOK’s winning design for Zurich airport’s new terminal
Two years ago, Zurich Airport, which opened in the 1950s, launched an international design competition to replace the aging Dock A—the airport’s largest dock.
Museums | Jun 28, 2022
The California Science Center breaks grounds on its Air and Space Center
The California Science Center—a hands-on science center in Los Angeles—recently broke ground on its Samuel Oschin Air and Space Center.
Contractors | Jun 27, 2022
Reverse mentorship: A model for the future of the construction workforce
Reverse mentorship can help seasoned professionals develop new skills, stay connected with younger generations, and gain future-forward insights for life and business.
Building Team | Jun 27, 2022
Chapel of St. Ignatius by Steven Holl Architects receives AIA’s twenty-five year award
The American Institute of Architects (AIA) is honoring the Chapel of St. Ignatius in Seattle, designed by Steven Holl Architects, with its Twenty-five Year Award.
Green | Jun 22, 2022
The business case for passive house multifamily
A trio of Passive House experts talk about the true costs and benefits of passive house design and construction for multifamily projects.
Building Team | Jun 22, 2022
Design for new San Clemente Marine Safety Headquarters would create new public plaza
A proposed design by HMC Architects for a new San Clemente Marine Safety Headquarters makes creative use of the seaside topography of the Pacific Coast.
Augmented Reality | Jun 22, 2022
Not just for POKÉMON GO anymore: how augmented reality is transforming architecture
By solving a long-standing communication problem, Augmented Reality (AR) is poised to make architecture quicker, nimbler, and more cost effective.
Healthcare Facilities | Jun 22, 2022
Arizona State University’s Health Futures Center: A new home for medical tech innovation
In Phoenix, the Arizona State University (ASU) has constructed its Health Futures Center—expanding the school’s impact as a research institution emphasizing medical technology acceleration and innovation, entrepreneurship, and healthcare education.
Market Data | Jun 22, 2022
Architecture Billings Index slows but remains strong
Architecture firms reported increasing demand for design services in May, according to a new report today from The American Institute of Architects (AIA).
Green | Jun 22, 2022
World’s largest commercial Living Building opens in Portland, Ore.
The world’s largest commercial Living Building recently opened in Portland, Ore.
