Rochester has been listed as an city ripe for economic opportunity by Yelp Local Economic Outlook, a new data initiative.
The Outlook comprises a list of 50 cities in the U.S. ranked by where businesses have the best chance of success, along with the top 50 neighborhoods and 10 business categories that have risen the most in rankings for new business opportunity. Rochester ranked No.42. Charlotte, N.C., topped the list.
The Outlook defines “economic opportunity” as the chance businesses have to stay open, and for new businesses thrive.
The Yelp Local Economic Outlook was developed by Yelp’s data editor and data science team, with rankings based on data modeling at the business level, covering millions of businesses and several years of Yelp data.
“While local businesses are incredibly important to the overall health of our economy, the landscape and factors impacting success are constantly in flux, making it difficult to pinpoint areas of success or concern,” said Carl Bialik, Yelp’s data editor. “Yelp data can give us a look inside which geographic areas and types of businesses offer the best chance of success for local business with more detail, more context, and much faster than government data sources are capable of today.”
“We’ve analyzed business quantity and quality at the local level, found the characteristics of businesses that protect them from having to shut their doors, and identified the community forces that create a fertile marketplace for new businesses to get off the ground,” Bialik added.