The Puget Sound area has been named the best metropolitan area in the country for minority-owned businesses by a financial technology company.
SmartAsset looked at metropolitan areas around the United States and the Seattle-Tacoma-Bellevue area was the top area in two of three criteria for minority-owned businesses.
The study looked at three issues to come to its determination: income ratio, profitability ratio and ownership ratio.
Washington had four areas on the top 25 list, with Bremerton-Silverdale at number five, Olympia-Tumwater at number 11 and Spokane-Spokane Valley at number 21. This was the best showing of any state or region, and SmartAsset said it was due to Washington’s high profitability and higher relative income.
Washington businesses can also be certified as minority-owned and/or woman-owned.
The study found that smaller areas tended to perform better than larger cities, with the average population of an area in the top 10 was around 760,000 while the average population for all metro areas analyzed was around 1.3 million.
The study also found that while minority-owned businesses tended to be smaller than non-minority-owned businesses, they also tend to have a higher profitability ratio.
Rounding out the top 10 list is Kingsport-Bristol, Va./Tenn. at number two, Fayetteville, Ark. at three, Chattanooga, Tenn. at number four, Reading, Pa. at six, Ogden, Utah at seven, Santa Barbara, Calif. at eight, Vallejo-Fairfield, Calif. at nine and then Madison, Wis. at number 10.