Lancaster, PA Ranks Well for Women-Owned Businesses
Lancaster has once again ranked high in a national survey of metropolitan areas, this time for women-owned businesses. Out of 289 metro areas analyzed, Lancaster ranked #10.
The United States has just over 9 million women-owned businesses that generate almost $1.5 trillion in annual revenue. These figures are from the 2014 State of Women-Owned Businesses Report, which was commissioned by American Express OPEN.
NerdWallet conducted a study to determine where women have achieved the most success as business owners. They studied 289 metro areas with 10,000 or more businesses. These businesses range from sole proprietorships to large companies with many employees. Each area was ranked according to their environment for women-owned businesses, the business climate for the area, and the local economic health.
Lancaster Businesses Ranked #2 for Annual Revenue
According to the study, the average annual revenue of Lancaster’s women-owned businesses was $597,554.43, which was second highest of all 289 metro areas (Monroe, MI was the highest at $601,565). The average annual revenue for Lancaster’s women-owned businesses is four times higher than the national average of $149,483.
Their analysis concluded that 25.4% of businesses in Lancaster are owned by women. Of these, 10.1% have paid employees (the others would be sole proprietorships).
One of the reasons the studied concluded that businesses in Lancaster have done so well is Lancaster’s close proximity to major markets, such as Philadelphia and Harrisburg, while retaining “the affordability of a small community”.
The overall number one metro area was Santa Fe, NM, with an overall score of 58.133. Lancaster ranked tenth with a score of 52.017. Other metro areas in the top ten included Boulder, CO; Monroe, MI; Racine, WI; Ocean City, NJ; Napa, CA; Washington, D.C.; Barnstable Town, MA; and San Francisco, CA.
Other Pennsylvania metro areas were ranked as follows:
- 37 – New York – Newark – Jersey City (NY, NJ, PA)
- 81 – Pittsburgh, PA
- 140 – Scranton – Wilkes-Barre – Hazleton, PA
- 141 – Reading, PA
- 165 – Philadelphia – Camden – Wilmington (PA, NJ, DE)
- 167 – State College, PA
- 170 – York – Hanover, PA
- 187 – Youngstown – Warren – Boardman (OH, PA)
- 194 – Allentown – Bethlehem – Easton (PA, NJ)
- 204 – Erie, PA
- 244 – Harrisburg – Carlisle, PA
- 276 – Lebanon, PA
You can see the full study and all 289 rankings at NerdWallet.com.