Women-owned businesses increased by 27.5% from 2008 to 2012, reaching 9.9 million and rising, according to the National Women's Business Council. And here, Fast Company's Lydia Dishman looks at an analysis of the Census Bureau's survey of business owners to determine where the highest concentration of women-run businesses are located.

Boulder, Colo., claimed the top spot, followed by Bridgeport, Conn., Denver, Santa Cruz, Calif., and Santa Rosa, Calif.

The scores, based on business climate, local economic health, and financing opportunities, determined that while concentration may be high in these areas, none of the businesses in the top 10 earned more than $175,000 annual revenue. 

The overall low revenues represent an opportunity loss for women-owned businesses across America. According to analysis by the U.S. Women’s Chamber of Commerce, if women's businesses secured 35.95% of all U.S. business revenues, annual revenues would be $12 trillion. But as women-owned firms only generate $1.6 trillion in revenues annually, the shortfall is over $10 trillion each year.

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