GIVING IT 210 PERCENT
San Antonio banks top spot among America's most entrepreneurial cities
San Antonio's entrepreurial spirit is alive and well
San Antonio businesses may seem to be shuttering at a rapid clip, but a new report from GoDaddy says that’s not curbing the city’s hustle. The 210 took the top spot on the web hosting company’s new list of America's Most Entrepreneurial Cities.
Alamo City jumped 11 percent year-over-year in small business growth, launching 9,232 new businesses. Each of those projects averaged five new jobs, according to GoDaddy's research, creating a ripple effect in the local economy.
The new business ventures took on various shapes, from traditional storefronts to online shops, and probably underestimated San Antonio’s real entrepreneurial spirit. During the recent NBA Finals, many locals took the opportunity to hawk Spurs merch that was not exactly sanctioned, but certainly kept spending in the city limits.
One thing driving the can-do attitude? Affordable housing. For the first time in the report’s history, GoDaddy partnered with real estate marketplace Zillow to dive deeper into what makes entrepreneurship work.
Zillow data revealed that the city's typical home value sits at $278,644, well under the national average of $366,712, and average rent runs $1,398 against the $1,930 national norm. The group’s Market Heat Index landed squarely at a neutral 50, giving no advantage to buyers or sellers — allowing business owners to plant roots without sticker shock.
"A thriving local economy and a thriving housing market tend to go hand in hand," said Zillow Chief Economist Mischa Fisher in a release. "When housing is attainable and plentiful, entrepreneurs feel more confident putting down roots and businesses find it easier to attract and keep talent.”
Elsewhere, Sun Belt states like Florida and New Mexico dominated the rankings, but El Paso was the only other Texas city to make the list. GoDaddy said a lack of state income tax was a particular draw for Texas and Florida founders. Much of the list diverged from what’s seen as the traditional hubs of business.
"The footprint of American entrepreneurship is shifting deeper into non-traditional places," said Alexandra Rosen, GoDaddy's small business economist. "The idea that you need to be in a major coastal city to build something has evolved.”
The top 10 most entrepreneurial cities in America are:
- No. 1 — San Antonio, Texas
- No. 2 — Miami, Florida
- No. 3 — Milwaukee, Wisconsin
- No. 4 — El Paso, Texas
- No. 5 — Portland, Oregon
- No. 6 — Fresno, California
- No. 7 — Bronx, New York
- No. 8 — Tampa, Florida
- No. 9 — Albuquerque, New Mexico
- No. 10 — Washington, D.C.
