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While big cities are still attractive to women in business, the West is emerging as the most attractive opportunity for them, according to a new survey.
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There are 13 million women-owned businesses in the US, representing 42 percent, but there is still a disparity in income and capital between these businesses and others, according to the National Council of Women’s Business Enterprise.
A recent Entrepreneur Maverick report ranked the number of women-led startups in 2023, looking at the overall business climate, the rate of female business participation, and the rate of female participation in female-owned and co-owned startups.
Colorado leads the way.
Colorado remains the most female entrepreneur-friendly state for the third year in a row, according to the report.
“It’s the sixth-best state for venture capital allocation to women, second-best for percentage of women owning businesses, fourth for women-led firms and eighth for percentage of women-led employees. Fourth-best state for women’s business revenue,” said Chris Mottola, Business Maverick special projects editor.
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Washington provides staying power
Next to Colorado is Washington, ranked No. 1 for business viability and tied with Texas for the lowest state income tax. The state ranks fifth in women-led startups with $4.4 billion in investment capital.
The rest of the top 10
The next best states are California, Arizona, and Texas.
“California is a venture capital powerhouse, with strong earnings for female entrepreneurs and excellent startup survival rates,” Mottola said. “Arizona has the highest proportion of women-owned businesses – third in the world – and in other measures – except for unemployment – it was relative to other states.”
Texas ranks fifth in the number of women-led workers and is the largest state for venture capital outside of California, New York and Massachusetts, Mottola said.
He added, “Texas’ income is very good for a southern state, and remember: there is no state income tax.”
The top 10 states are Virginia, Wyoming, Florida, North Carolina and Illinois.
What about the east coast?
One interesting finding of the report is that the Northeast region is notably absent from the list.
Maryland, New York, Vermont and Massachusetts narrowly missed the top 10, but the picture isn’t entirely grim, Mottola said.
While New York and Massachusetts are the second and third best states for women’s venture capital allocations, these states currently have strengths and weaknesses, Mottola said.
“One of the issues this year with the exception of Vermont is the high unemployment rate relative to other states,” he said. It’s worth noting that unemployment in 2022 is declining across the board, including the Northeast, but it appears these states have not recovered quickly from the COVID period.
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This article originally appeared on GObankingRates.com: How the West has better business opportunities for women
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