Greater Phoenix is gaining national recognition as one of America’s best metros for women entrepreneurs. The Phoenix-Mesa-Chandler metropolitan area has earned the 19th spot among large U.S. metros in a new study published by CoworkingCafe in honor of International Women’s Month.
The study analyzed more than 200 metropolitan areas across three key pillars — Women’s Entrepreneurship (40%), Economic Context (30%), and Labor & Talent Pool (30%) — and divided them into large, mid-sized, and small population brackets for a fair comparison. Phoenix was evaluated alongside all large metros with populations exceeding one million residents.
Women-owned businesses represent nearly 23% of all firms in the Phoenix metro area, and their footprint runs deep. More than 162,000 people are employed at women-owned companies in the region, the 11th highest figure among all large metros analyzed. This proves that these firms are not small side ventures, but substantial enterprises fueling job creation in one of the fastest-growing labor markets in the country.
The Phoenix metro’s economic trajectory strengthens the case for female founders considering the region. Regional GDP has expanded 41.6% between 2019 and 2023, ranking fourth across all large markets and outpacing Nashville, Charlotte, and every major California metro. That momentum is matched by a population growth of 6.9% — the 10th highest among large metros — which means hundreds of thousands more residents in the customer base for local businesses.
Phoenix’s women-to-men earnings ratio of 79% ranks eighth among all large metros studied. That figure surpasses major Sun Belt competitors including Dallas, Houston, San Antonio, and Las Vegas, pointing to a local labor market where women’s work is compensated more equitably than in most comparable large cities.
The region’s entrepreneurial energy is embedded in everyday life. One in ten Phoenix residents is self-employed (the 14th highest rate among large metros) and the business formation rate of 1,770 new businesses per 100,000 residents ranks 16th highest. Crucially, that pipeline is backed by talent: 19.2% of women in the metro hold a bachelor’s degree in business, the 18th highest share nationally, providing the trained workforce needed to sustain long-term growth.
Women-owned businesses now account for nearly 23% of all U.S. firms, collectively employing close to 11.7 million people and generating an estimated $3.3 trillion in annual revenue. The CoworkingCafe study found business formation rates surging in markets that weren’t on the radar a decade ago. Austin, Denver, Raleigh, Washington, D.C., and Atlanta led the large-metro rankings nationally, a sign that the geography of women’s entrepreneurship is actively being redrawn.
