MONTGOMERY, Ala. — According to personal finance and economics website NerdWallet, Montgomery is the second-highest rated city in the US for businesses owned by African Americans.
First place was awarded to Columbus, Georgia, but Montgomery beat out major metropolises such as Atlanta (#3) and Washington, DC (#5).
Birmingham and Huntsville also did quite well on the list, coming in 15th and 17th, respectively.
“It’s tremendous to get a validation from a third party that the things that the Chamber of Commerce has been doing through our resource center, things that our small businesses have been doing, the things that even we as the city and the county have been doing to try to promote young people,” Montgomery Mayor Todd Strange told local NBC affiliate WSFA. “To be able to have us as #2 behind Columbus, GA speaks volumes about our city being open to everyone being able to come and have a wonderful experience right here in Montgomery.”
NerdWallet studied the number of businesses per 100 residents, median income for the black population, the cost of living and the unemployment, the percentage of black-owned businesses, percentage of black-owned businesses with paid employees and average revenue per year for black-owned businesses in 111 US metropolitan areas with more than 100,000 residents.
So, what made Montgomery stand out to the folks at NerdWallet?
“Montgomery’s black population is growing faster than any other city on our list, and nearly a third of businesses here are owned by black entrepreneurs. The city is in the middle of organizing its first Black Chamber of Commerce.”
The high percentage of black-owned businesses, low unemployment rate, and relatively low cost of living all add up to give Montgomery an overall score of 54.88 on NerdWallet’s list. Birmingham’s score was 45.5, and Huntsville’s was 44.64.
Here are the top 20:
1. Columbus, Georgia
2. Montgomery, Alabama
3. Atlanta, Georgia
4. Memphis, Tennessee
5. Washington, DC
6. Fayetteville, North Carolina
7. Durham, North Carolina
8. Jackson, Mississippi
9. Savannah, Georgia
10. Baltimore, Maryland
11. Richmond, Virginia
12. Raleigh-Cary, North Carolina
13. Virginia Beach-Norfolk-Newport News, Virginia
14. Columbia, South Carolina
15. Birmingham, Alabama
16. Miami, Florida
17. Huntsville, Alabama
18. Houston, Texas
19. Salt Lake City, Utah
20. New Orleans, Louisiana
Watch this quick report on the study by Montgomery’s WSFA.
WSFA.com Montgomery Alabama news.
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— Elizabeth BeShears (@LizEBeesh) January 21, 2015
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