Minnesota earned high marks on two recently released lists—one that identified the “best cities for female entrepreneurs” and another that ranked states based on their residents’ well-being.
Minneapolis ranked fourth on a list of best cities for female entrepreneurship. The list was produced by Nerd Wallet, a website that helps consumers compare financial products and services and that often produces ranked lists.
The list is based on five factors:
• The number of businesses per 100 residents, a measure meant to gauge a city’s entrepreneurial climate
• The percentage of businesses that are owned by women
• The median earnings for full-time female workers
• The percentage of residents 25 years and older with a bachelor’s degree or higher
• Unemployment rates
The report indicates that Minneapolis has 10.4 businesses per 100 residents; 32.1 percent of its businesses are women-owned; its unemployment rate is 4.3 percent; 47 percent of residents 25 or older have at least a bachelor's degree; and the median income for its full-time female workers is $42,331.
Nationwide, female entrepreneurs run more than 8.6 million businesses, which generate more than $1.3 trillion in total revenues, according to the report.
Washington, D.C., topped Nerd Wallet's most recent ranking, followed by San Francisco and Seattle. View the list of the top 10 cities for female entrepreneurs here.
Minneapolis ranked fourth on a similar list in 2013, and Nerd Wallet previously named Minneapolis among the “Best Cities for Job Seekers.”
Meanwhile, the state as a whole also earned high marks on a new (and unrelated) list.
Management consulting firm Gallup is behind the well-being study, which is based on more than 178,000 interviews that sought to analyze Americans’ physical and emotional health, healthy behaviors, work environment, social and community factors, financial security, and access to necessities such as food, shelter and health care.
Minnesota ranked fourth on the list, hanging on to a position among the top five states but dropping one spot from last year, when it ranked third. In fact, the lowest Minnesota has ranked since Gallup began producing its list in 2008 was sixth.
Several Midwestern states fared quite well. North Dakota topped the list, followed by South Dakota and Nebraska. West Virginia ranked last.
Gallup said that it will release more detailed state-level reports in April. View the complete ranking of states, as well as a comparison to last year’s list, here.