According to WalletHub, the Bakersfield MSA ranks No.1 (tied with Fresno, CA) for highest average revenue of women-owned businesses. American Express’ report revealed more than 9.4 million women-owned businesses currently operate in the U.S. Combined, those firms account for nearly a third of all privately held companies, pull in annual revenues to the tune of $1.5 trillion and provide jobs to roughly eight million workers. What’s more, they’re among the fastest-growing enterprises in the nation — increasing at a rate 1.5 times the U.S. average and topping “the growth rates of all but the largest, publicly-traded firms” in the past 18 years.
Location plays a key role in the success of any business but an even bigger one for women-owned firms. That’s because some areas are better than others at encouraging female entrepreneurship and recognizing its value.
To help women find the best location for their enterprises, WalletHub’s analysts compared the 100 largest metropolitan statistical areas across ten key metrics indicating friendliness toward this group. Their data set ranged from average revenue growth of women-owned businesses to presence of women’s business centers to industry variety for women-owned firms.