For the first time in history, companies controlled by women in the Greater Philadelphia area collectively reported aggregate revenue over more than $875 million for 2023, based on the most current release of The List of Highest Revenue Earning Women-Owned Businesses compiled by the Business Journal. This marks the highest revenue ever recorded for this data as compiled by the Journal over the last decade.
The majority female-owned businesses based in the Philadelphia metro area earned $875.24 million in revenue. This is also a record showing the strength and progress of local women entrepreneurs, especially in the light of the challenges and recovery from the COVID-19 pandemic. Revenue for women-owned businesses fell to an all-time low in 2020, reporting a total of $495.29 million for 76 companies on the 2021 List. Profit growth over the last three years has never been seen before because, collectively, these businesses have boosted their revenue by nearly $380 million or a firm 77 percent.
The majority of this high growth are the top 10 listed firms, which accounted for $623.15 million or 71.2% of revenue. The diversified firms in this list offer construction, staffing, law, and laboratory supplies. Last year was slightly different since the top 10 firms combined total revenue topped $452.47 million or 65% of the total $690 million in revenue.
This trajectory upward indicates not only an economic contribution of women-owned businesses in the Greater Philadelphia region but also plays a pivotal role in innovation and job creation across industries. Data stands testimony of the commitment and entrepreneurship of women business owners who have, over time, ensured perseverance over economic uncertainty and finally become stronger.
The business environment has evolved to form another impressive revenue figure, which now signals a growing recognition of the critical importance of women-led enterprises. Business Journal’s findings also present a brighter future outlook of women-owned businesses in the region if they continue to thrive and contribute substantially to the local economy.
