LendingTree Study Finds Seattle, Louisville and Indianapolis Rank Highest for Most Profitable Businesses
CHARLOTTE, N.C., July 8, 2019 /PRNewswire/ -- LendingTree®, the nation's leading online loan marketplace, today released its study on the metro areas with the most profitable businesses and found that Seattle has the highest share of profitable businesses with 71 percent of firms reporting profits.
LendingTree compared the total number of firms with employees in a metro area to the number of firms in a metro area reporting profits. This gave the share of profit-making firms by metro area. The metro areas were ranked highest to lowest based on this figure.
Key findings
- Seattle takes the top spot with an astounding 71 percent of firms reporting profits. Of the rest of the firms in Seattle, 16 percent reported losing money and 13 percent reported breaking even.
- Louisville, Kentucky took the second spot with 69.98 percent of businesses or 9,380 out of 13,404 recorded profits. Indianapolis took the third spot with 69.92 percent of businesses or 15,001 of 21,455 businesses reported profits.
- Houston was the unfortunate champion of the unprofitable firm. According to Census Bureau data, 23 percent of firms there report a loss.
Here are the top 10 U.S. metros with the largest shares of profitable businesses:
- Seattle - 70.93 percent
- Louisville, Ky. - 69.98 percent
- Indianapolis - 69.92 percent
- Portland, Ore. - 69.85 percent
- Denver - 69.37 percent
- Columbus, Ohio - 69.09 percent
- Minneapolis - 69.05 percent
- Milwaukee - 68.44 percent
- Nashville, Tenn. - 68.21 percent
- Charlotte, N.C. - 67.93 percent
Here are the 10 U.S. metros with the largest shares of businesses posting losses:
- Houston - 23.37 percent
- Virginia Beach, Va. - 21.99 percent
- San Jose, Calif. - 20.40 percent
- Dallas - 20.27 percent
- Pittsburgh - 20.24 percent
- Baltimore - 19.80 percent
- San Antonio - 19.66 percent
- Birmingham, Ala. - 19.61 percent
- New York - 19.57 percent
- St. Louis - 19.30 percent
To view the full report, visit:
https://www.lendingtree.com/business/metro-areas-most-profitable-businesses/
Methodology
In order to rank the metro areas with the highest share of profitable firms, researchers compared the total number of firms with employees in a metro area to the number of firms in a metro area reporting profits. This gave the share of profit-making firms by metro area. The metro areas were ranked highest to lowest based on this figure.
Data for all figures come from the 2016 Census Bureau's Survey of Entrepreneurs.
About LendingTree
LendingTree (NASDAQ: TREE) is the nation's leading online marketplace that connects consumers with the choices they need to be confident in their financial decisions. LendingTree empowers consumers to shop for financial services the same way they would shop for airline tickets or hotel stays, comparing multiple offers from a nationwide network of over 500 partners in one simple search, and can choose the option that best fits their financial needs. Services include mortgage loans, mortgage refinances, auto loans, personal loans, business loans, student refinances, credit cards and more. Through the My LendingTree platform, consumers receive free credit scores, credit monitoring and recommendations to improve credit health. My LendingTree proactively compares consumers' credit accounts against offers on our network, and notifies consumers when there is an opportunity to save money. In short, LendingTree's purpose is to help simplify financial decisions for life's meaningful moments through choice, education and support. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information, go to www.lendingtree.com, dial 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree.
Contact: Megan Greuling, 704-943-8208, [email protected]
SOURCE LendingTree
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