Data analysis ranks cities, neighborhoods, and
business categories for economic opportunity in America
Yelp Inc. (NYSE:YELP), the company that connects people with
great local businesses, today announced the launch of the Yelp
Local Economic Outlook, a new data initiative to track which areas
of America are ripe for economic opportunity. 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.
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. This program is an ongoing effort to surface
insights from Yelp’s deep data stores to help businesses succeed
and arm policymakers with the information they need to make
effective change that will boost local economies.
“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.”
Yelp is the most comprehensive source of in-depth local business
data and reviews online, with 135 million reviews and data
including location and hours for local businesses in more than 30
countries. Yelp had more than 100 million mobile visitors as of Q2
2017, with those users performing millions of searches and actions
each day.
A recent academic study released by Harvard professors shows
that Yelp data can predict business growth, as measured by the
Census Bureau, before official statistics are released, with
predictive power increasing with population density, income, and
education level.
“In today’s world, news cycles happen in minutes and economic
change happens daily, so lags in federal data reporting can make
insights out of date before they’re even available. Technology
platforms like Yelp can close that gap for businesses and
policymakers with more real-time data to inform decisions,” said
Jeremy Stoppelman, Yelp CEO and Co-Founder. “Our millions of users
provide an unprecedented view into local communities across the
country and their contributions have built the best source of
high-quality local business data available.”
We invite researchers, policymakers, and journalists to dig
deeper into Yelp data as a resource for understanding local
economies. Download Yelp’s Local Economic Outlook report, including
the top city, neighborhood, and business category lists, as well as
methodology, analysis, and hypotheses at
www.yelpblog.com/2017/10/local-economic-outlook.
Ranking 50 Cities in America for Economic Opportunity
Current Rank City Year-Over-Year Change in
Rank 1 Charlotte, NC - 2
Jacksonville, FL - 3 Omaha, NE ↑
4 Orlando, FL ↓ 5 Charleston, SC
↓ 6 Las Vegas, NV ↑ 7 Tampa, FL
- 8 Dallas, TX - 9 Salt
Lake City, UT ↑ 10 Houston, TX ↓
11 Louisville, KY ↓ 12 Memphis, TN
↑ 13 Tulsa, OK ↓ 14
Miami, FL - 15 Phoenix, AZ ↑ 16
Cincinnati, OH - 17 Atlanta, GA
↓ 18 Nashville, TN ↓ 19
Richmond, VA ↓ 20 Saint Louis, MO ↑
21 Tucson, AZ ↑ 22 San Diego, CA
↑ 23 Albuquerque, NM ↓ 24
Washington, DC - 25 Milwaukee, WI ↑
26 Denver, CO - 27 Columbus, OH
↓ 28 Austin, TX ↓ 29
Honolulu, HI ↓ 30 Cleveland, OH ↑
31 Baltimore, MD ↓ 32 Los
Angeles, CA ↑ 33 Minneapolis, MN -
34 Buffalo, NY ↓ 35 Pittsburgh,
PA ↓ 36 New Orleans, LA ↓ 37
Sacramento, CA ↑ 38 Chicago, IL
↑ 39 Philadelphia, PA ↓ 40
Portland, OR ↓ 41 Madison, WI ↓
42 Rochester, NY ↓ 43 San Jose, CA
↑ 44 New York, NY ↓ 45
Hartford, CT ↓ 46 Providence, RI ↓
47 San Francisco, CA ↑ 48
Seattle, WA ↓ 49 Portland, ME ↓
50 Boston, MA -
Top 50 Neighborhoods in America for Most Improved Economic
Opportunity
Rank Based on Year-Over-Year Change in
Economic Opportunity Neighborhood City
1 Stonestown San Francisco, CA 2
Wauwatosa Milwaukee, WI 3 Ballston
Arlington, VA 4 Midtown Detroit, MI 5
French Quarter Charleston, SC 6 Admiral
Seattle, WA 7 Carmel Valley San Diego,
CA 8 Alum Rock/East Foothills San Jose, CA
9 Silver Lake Los Angeles, CA 10
North Buffalo Buffalo, NY 11 Bucktown
Chicago, IL 12 Toluca Lake Los Angeles, CA
13 Middle Village New York, NY 14
Fox Point Providence, RI 15 Lincoln
Park Chicago, IL 16 Elmwood Berkeley,
CA 17 Century City Los Angeles, CA 18
Financial District Boston, MA 19 North
San Jose Santa Clara, CA 20 Uptown
Minneapolis, MN 21 Downtown Miami, FL
22 Russian Hill San Francisco, CA 23
Mission Hills San Diego, CA 24 Uptown
Oakland, CA 25 Downtown Berkeley Berkeley, CA
26 Andersonville Chicago, IL 27
Old Town San Diego, CA 28 Near North Side
Chicago, IL 29 Willow Glen San Jose, CA
30 U Street Corridor Washington, DC 31
Marina/Cow Hollow San Francisco, CA 32
Pico-Robertson Los Angeles, CA 33 Banker's
Hill San Diego, CA 34 Mapleleaf
Seattle, WA 35 Rego Park New York, NY
36 Back Bay Boston, MA 37 Bay View
Milwaukee, WI 38 Hillcrest San Diego,
CA 39 Pacific Beach San Diego, CA 40
Allapattah Miami, FL 41 Tobin Hill
San Antonio, TX 42 Oltorf/East Riverside
Austin, TX 43 Echo Park Los Angeles, CA
44 Highland Saint Paul, MN 45
Elmwood Village Buffalo, NY 46 Central West
End Saint Louis, MO 47 West Lawn
Chicago, IL 48 Tarzana Los Angeles, CA
49 Far West/Northwest Hills Austin, TX 50
Brentwood Los Angeles, CA
Ranking 10 Business Categories in America for Most Improved
Economic Opportunity
Rank Based on
Year-Over-Year Change in Economic Opportunity
Business Category 1 Restaurants 2
Nightlife 3 Beauty & Spas 4 Event
Planning & Services 5 Health & Medical
6 Automotive 7 Food 8 Shopping
9 Home Services 10 Active Life
Methodology
We created an opportunity score based on several factors for
cities and ranked them based on that score. We also ranked
neighborhoods and categories based on change in opportunity-based
ranking over the year-earlier period. Each business in the U.S.
that has been reviewed on Yelp was analyzed using a random-forest
model to estimate its probability of remaining open for the next
three months, for each month over nearly two years, going back to
November 2015. The model took into account the business’s location,
category and other factors, mainly based on Yelp-related activity
for that business: how many reviews it received, how often people
looked at its Yelp page and so on. The resulting score for each
business was the building block for our rankings at the city,
neighborhood and category levels. The rankings are based on data
from the third quarter of 2017: July through September. The
rankings by change are based on comparing the third quarter of 2017
data with the third quarter of 2016. While the random-forest model
covered all businesses on Yelp, we built our rankings using the top
10 primary categories on Yelp, according to page views. We chose 50
major U.S. cities -- the Yelp 50 -- based on a combination of
factors, including the number of businesses in those cities, and
will track economic opportunity in those cities over time. For the
neighborhoods ranking, any community that isn’t primarily an
airport and has a minimum number of businesses was eligible for
inclusion.
About Yelp Inc.
Yelp Inc. (http://www.yelp.com) connects people with great local
businesses. Yelp was founded in San Francisco in July 2004. Since
then, Yelp has taken root in major metros in more than 30
countries. Approximately 28 million unique devices1 accessed Yelp
via the Yelp app, approximately 83 million unique visitors visited
Yelp via desktop computer2 and approximately 74 million unique
visitors visited Yelp via mobile website3 on a monthly average
basis during the second quarter of 2017. By the end of the same
quarter, Yelpers had written approximately 135 million rich, local
reviews, making Yelp the leading local guide for real word-of-mouth
on everything from boutiques and mechanics to restaurants and
dentists.
1 Calculated as the number of unique devices accessing the app
on a monthly average basis over a given three-month period,
according to internal Yelp logs.
2 Calculated as the number of “users,” as measured by Google
Analytics, accessing Yelp via the desktop website on a monthly
average basis over a given three-month period. Adjusted to remove
certain robot traffic, as described in Yelp’s most recent Annual
Report on Form 10-K or Quarterly Report on Form 10-Q.
3 Calculated as the number of “users,” as measured by Google
Analytics, accessing Yelp via the mobile website on a monthly
average basis over a given three-month period.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171017005516/en/
Yelp Inc.Rachel Walker YoungbladeYelp Senior PR
Managerrawalker@yelp.com
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