Small business owners can rely on Boston's economy. Credit: Brown Legal Services
CardHub.com released a report Monday ranking Boston as the second best city in the nation for small businesses.
The city earned the distinction by having a high number of thriving small businesses per capita, low unemployment, disposable income and relatively low hours worked.
According to the report, those factors were enough to overcome a relatively high cost of living.
With small businesses employing roughly 47 percent of the nation’s private workforce and creating more than 60 percent of the jobs added during the past 20 years, according to the U.S. Small Business Administration, it bears asking what opportunities exist for the roughly 14 percent of people who, according to data from the Bureau of Labor Statistics,are still unemployed or underemployed.
CardHub used 10 different metrics – ranging from industry variety and job turnover to hours worked and wages for new hires – to evaluate the state of small business in the 30 largest metropolitan areas in the United States. The site then ranked the cities based on their overall attractiveness for job seekers, ultimately finding that Denver, Boston and Minneapolis are the best cities in the U.S. for small business employees, while Sacramento, Riverside and Detroit are the worst.
National Small Business Week starts on starts June 17.
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