The Providence Business News has reported that a recent study conducted by Magnify Money, an independent financial consultancy firm, ranked the 50 largest cities in the United States for working women. After running the numbers, researchers found that Providence ranks number 8 in the nation. Providence is the only city in New England to rank in the top fifteen, with Hartford, Connecticut coming at 16th place. Great news for the women of Providence!
How The City Economies Were Ranked
Magnify Money used eight different metrics to determine which cities were the best for working women including:
- Women’s unemployment rates
- The percentage of women-owned business
- The percentage of female managers
- The number of female legislators in the region
- The percentage of the median earnings gender gap
- The number of women with employer-based insurance benefits
- The percent of median earnings to pay for child care
- A state workplace parental and pregnancy protection score
They collected this data from the American Community Survey published by the United States Census Bureau.
Providence Shines For Women Leadership
Providence had high numbers across the board. However, the biggest drivers were the percentages of women leadership. In private industry, women make up 42.8% of managers in the city. This rate ranks Providence as the city with the 5th highest number of women managers in America. Women also make up 31% of political legislators, ranking as 12th in the nation. These numbers prove this is a great city for ambitious working women who are looking for opportunities to move up in their careers.
How Does Providence Stack Up For Working Mothers?
Providence also ranked high for legal workplace protections for expecting and day care aged parents, also ranking number 8. This is especially great for Providence’s working women who are looking to start a family. Unfortunately though, child care rates were pretty high compared to the median income. They averaged at 25.3% of earnings, which puts it at the tenth worst of the 50 cities studied.
How This Ranking Impacts The Real Estate Market
Single women account for 17% of new homebuyers nationwide, more than double of single men at 7%. Factoring in the women who buy homes in relationships, cities that are good for working women are cities that have a flourishing housing market. Further, factoring in the upward mobility of women in Providence and the booming Rhode Island economy, the city will attract more working women. When working women thrive, so does the local housing market.
Providence is a great city for all professionals. There’s a variety of industry, good wages, and low unemployment rates. The cost of living is affordable and there is a lot of local opportunity for advancement. With these great economic conditions, everyone in Providence can thrive financially. If you are considering a move to a great city, with a strong economy, and loads of opportunity for all its residents, including working women, Providence should be on the map.