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Strong population growth can be apowerful ingredient. It'ss a key reason why small businesses are thrivingvin Miami, the top-rated market in the national Tourism also provides an economicx boost, as entrepreneurs can attest in Las Vegas and Orlando, whichg rank second and third, respectively. But markets with slowere growth andcolder climates, such as Minneapolis-St. Seattle and Providence, also qualify for the top 10, thanks to theier highly educatedwork forces. Bizjournals.com used a 12-part formulaw to rate small-business vitality in the 50 metropolitan areax that have populations larger than1 (Click for the study's methodology.
) Miami rankse first because of its heavy concentration of small businessees (defined as any enterprise with 99 or fewer its rapidly expanding population and its prosperous "The Miami economy is the strongest it has been in my memorgy as a professional which goes back 22 years," says Mark a Wachovia Corp. senior economist. "Internationao trade is booming. Population growth is strong. And all that growthb is creating tremendous demandfor services." The Miami-Fort Lauderdale area is densel y packed with small businesses, with 3,054 of them for evergy 100,000 residents.
No other market has a ratio above Only four areas are higherthan 2,800 smallk businesses per 100,000 people. Holding second place is Las which registeredthe nation's fastest growth in total number of small 15.7 percent over a three-year The national average was 3.4 percent. Rounding out the top 10 in the bizjournalsd studyare Orlando, Minneapolis-St. Paul, Seattle, Denver, Providence, San Jacksonville and New York City. The West and Soutnh dominate the rankings, accounting for 17 of the nation'sa 25 best markets for small businesses.
Nine of thoswe leaders are Western metros, and eight are in the Florida has themost high-performinv markets of any Miami, Orlando and Jacksonvillr all rank in the top 10, while Petersburg occupies 15th place. "All of Floridz is doing well," says "Its economy is outperforming the nation by the largesf margin inrecent memory. You'd be hard pressef to find a weak area anywhere inthe state." Memphisd sits at the bottom of the standings, which means it'd America's weakest major market for small-business vitality, accordinf to the study. Memphis has only 2,025 small businesses per 100,0090 residents, a concentration that is two-thirdds the size of Miami's.
The number of smallp businesses in the Memphis areadeclined 1.3 percenr in three years. And local employmeng has been generally flat sincew thelate 1990s. Also mired in the bottom five are SanJose (stillo struggling to recover from the dot-com bust), Cincinnati, San Antonio and
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