Women Hit Pay Wall
Austin is no stranger to praise. It seems every day there is a new list that ranks Austin No. 1 in this, or best in that. Today, we have a list for the ladies: Austin has been ranked one of the best cities in the U.S. for female entrepreneurs.
With our startup culture, low unemployment rate and high percentage of residents with advanced degrees, Austin is cultivating a culture for successful female-led ventures.
According to researcher Sreekar Jasthi and his team at Nerdwallet.com, Austin is the 8th best city for women-owned businesses. Noting our startup culture, low unemployment rate and high percentage of residents with advanced degrees, Austin is cultivating a culture for successful female-led ventures. (Jasthi also noted that being in business-friendly Texas helps, too.)
Austin's growth mimics a greater national trend in businesses owned by women outpacing general business growth. Explains Jasthi, "Across the U.S., one thing that really caught my eye was businesses that were owned by women grew about 59 percent since 1997. The rate of businesses in general [only grew] 30 percent."
Despite this growth, Austin fell four spots from last year and ranked last in the top ten cities for salaries, with a median income of $40,356 for full-time female workers. According to Census data, the median income for Austin in general is $52,431, a considerable discrepancy.
By comparison, Washington, DC, which is ranked No. 1 on the list, has a median income for women working full-time of $60,116. Jasthi concedes that though Austin's income is the lowest in the top ten (our hipster sister city Portland, Oregon came in with the second lowest median income of $41,728), it still ranked high because of Austin's relatively low cost of living compared to the rest of the cities.
What other cities made the list? Along with DC, San Francisco and Seattle round out the top three. San Jose, another technology hub located in the heart of Silicon Valley, came in right behind Austin at No. 9.