The Boston metro area is the ninth-best in the U.S. for young entrepreneurs, according to a new ranking by the personal finance website NerdWallet.
To compile the ranking, NerdWallet evaluated 181 U.S. metropolitan areas based on the following criteria:
- Small-business financing
- Small businesses per 100 residents
- Unemployment rate
- Percentage of the total population ages 25-34
- Percentage of the population age 25 and older with at least a bachelor’s degree
- Median earnings of the full-time, year-round civilian employed population age 16 and older
- Cost of living
The NerdWallet report on the rankings cited the Boston metro’s highly educated population, noting, “Many industries require an increasingly technical and skilled workforce.” With 45.2 percent of residents holding a bachelor’s degree or higher, Boston ranked No. 6 among the metros studied in this area. Boston also ranked No. 3 for median earnings ($60,168).
The rankings echo what Olivia Vanni of the website BostInno recently wrote about Boston metro universities:
As I keep tabs on startup activity throughout Boston’s various college campuses, the continuous stream of new ventures never ceases to amaze me. Every time I think I have a good grasp on the latest and coolest companies starting at each school, a whole new crop comes onto my radar.
Here is the full list of NerdWallet’s 10 best metros for young entrepreneurs.
1. Austin-Round Rock, Texas
2. San Francisco-Oakland-Hayward, California
3. Salt Lake City, Utah
4. Denver-Aurora-Lakewood, Colorado
5. Minneapolis-St.Paul-Bloomington, Minnesota and Wisconsin
6. Seattle-Tacoma-Bellevue, Washington
7. Madison, Wisconsin
8. Midland, Texas
9. Boston-Cambridge-Newton, Massachusetts and New Hampshire
10. Fargo, North Dakota