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April 27, 2015

Ocean City, Lancaster among best cities for female businesses

NerdWallet conducted a study in March that determined the best U.S. cities for female-owned businesses.

Looking at 289 metropolitan areas, the study factored in the percentage of female businesses and the revenues of those businesses. It also looked at the income, education and living costs of women in those areas.

Ocean City, New Jersey finished 5th in the study's rankings. Its economy, which is based mostly around tourism and hospitality, proved to be a great environment for female entrepreneurs.

Businesses owned by women include Crazy Susan’s Cookies, a sweets shop featured on the “Rachael Ray Show,” and Yoga Ginger, a yoga studio in downtown Ocean City. More than 25% of women-owned businesses in Ocean City have paid employees, more than any place in our top 20.
Lancaster, Pennsylvania ranked 10th, as the study notes the city's closeness to several large metropolitan areas while still being an affordable place to live.
The city’s revitalized historic downtown attracts shops, restaurants, hotels and galleries, including La Petite Patisserie, a French-style bakery. The average business owned by a woman in Lancaster brings in $597,554 in revenue each year, significantly more than most places on our list.
The joint metropolitan area of Philadelphia, Wilmington and Camden did not fare as well. It was ranked 165th on the list. Santa Fe, New Mexico topped the rankings.