Fresno’s high unemployment rate, paired with a relatively low number of small businesses, low pay for employees and other factors, combined to rank the city 92nd out of the nation’s 100 largest metro areas in a new report about places in which to work for a small business.
The ranking was issued Wednesday by WalletHub.com, a personal-finance social network. WalletHub examined several metrics related to the number and vitality of small businesses in the community, as well as small-business growth, employee earnings and the variety of industries, all relative to the other 99 metro areas.
According to WalletHub’s analysis of those factors, Fresno ranked:
• 95th in the number of small businesses per 1,000 residents.
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• 61st in growth in the number of small businesses.
• 94th in net small-business job growth.
• 68th in industry variety.
• 90th in earnings (adjusted for cost of living) for small business employees.
• 100th for the highest unemployment rate.
• 41st in projected population growth.
The study purports to assess the cities overall attractiveness to job seekers. WalletHub relied on data from the U.S. Census Bureau, the U.S. Bureau of Labor Statistics, the Council for Community & Economic Research, American City Business Journals and Gallup Heathways.