Racine Named No.4 Best City for Women-Owned Businesses
Wednesday, June 29, 2016
Posted by: Xernay Aniwar
We’d like to give kudos to our neighbor city, Racine, for making the cut as one of best places for women-owned businesses.
According to their findings, Racine scored better than Washington DC and even San Francisco. Most impressive perhaps is the yearly revenue earned by the average female business owner in Racine, $586,241. This is a significant sum; only beat out by two other cities, Monroe, MI and Lancaster, PA.
According to data compiled by the 2014 State of Women-Owned Businesses Report, there’s an estimated 9.1 million women-owned businesses in the U.S. that produce more than $1.4 trillion in revenues nationwide.
In order to better understand where the businesses were clustered geographically, NerdWallet, a financial management company, analyzed financial data from 289 metropolitan areas. They measured the percentage of women-owned businesses, the general business climate, and the economy of the area, which was based on median income and median monthly housing costs.
NerdWallet offers that Racine’s success is due to several factors, a major one being location. Located in a sweet spot between Milwaukee and Chicago, Racine holds a close proximity two major markets as well as access to interstate highways, railroad networks, port cities and two international airports. All of this combined makes it an ideal place for trade and manufacturing.