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Inc. released a report listing the top 10 cities where women-led companies are most likely to succeed using data from this year’s list of the 5,000 fastest growing private U.S. companies and then ranking metros by the number of women-owned companies that are based there. Washington, D.C. takes the top spot, but three cities from Texas were ranked as the top cities for women-led companies.
According to Volume III: Women-Owned Businesses of the 2019 NAWRB Women Housing Ecosystem Report (WHER), four out of every 10 businesses in the United States are now women-owned. While they comprise 40 percent of all private businesses, they employ just 8 percent of the total private sector and contribute 4.3 percent of total revenues. Women-owned businesses combined with firms equally owned by men and women account for 48 percent of all businesses, employ 14 percent of the workforce and generate $3.1 trillion in revenue.
Between the years 2007 and 2018, the growth of women-owned businesses has continued at a faster rate than the growth of all businesses. The number of women-owned businesses increased 58 percent while all businesses only increased by 12 percent during this time. Each year, the number of all firms grew 1 percent, while the number of women-owned businesses grew 4.2 percent annually.
Despite comprising a greater share of private businesses, they only account for 8 percent of total employment and 4.3 percent of total revenues. Historically, women-led companies face bigger obstacles than their male-owned counterparts in gaining credibility and access to capital, but the following cities appear to be hospitable places for female entrepreneurs.
Top U.S. Cities for Women-Led Companies
- Washington, D.C.
- New York City, NY
- Los Angeles, CA
- Dallas, TX
- San Francisco, CA
- Austin, TX
- Chicago, IL
- Atlanta, GA
- Philadelphia, PA
- Houston, TX
Washington, D.C. is home to a variety of government contractors and a popular base for all women-owned businesses of different industries. Many prominant businesses in this city are listed on the Inc. 5000 companies list, such as grant-writing service Elevate and event content marketing agency Hubb.
See the full list here.
About 2019 NAWRB WHER
The 2019 NAWRB Women Housing Ecosystem Report (WHER) is the third installment of the most diverse coverage of the Housing Ecosystem with over sixty resources in six volumes: Diversity & Inclusion, Homeownership, Women-Owned Businesses, STEM, Aging Population, and Family Offices with a gender lens perspective. Learn more about each of the volumes and order a copy of the 2019 NAWRB WHER at https://www.nawrb.com/womenhousingecosystem/.