The number of women-owned businesses in Phoenix increased 48 percent  in a recent five-year period, according to a new study

That ranks Phoenix eighth among the 25 largest U.S. cities in women-owned businesses, the Center for an Urban Future reported in a study released March 1. The average revenue for those Phoenix businesses was $163,721.

The study looked at growth in women-owned businesses between 2007 and 2012 using the most recent economic census data available. 

Male-owned businesses in Phoenix increased 21.4 percent from 2007-12.

Phoenix added 14,288 women-owned businesses during that time period to push the total to 44,294.

New York was first with 413,899 women-owned businesses followed by Los Angeles, Chicago, Houston, Dallas, San Diego and San Antonio.

The average increase in women-owned businesses in the largest 25 cities was 43 percent from 2007-12.

The report also showed:

— Memphis had the fastest growth in women-owned businesses with an increase of 116 percent from 2007-12.

— Dallas ranked first in revenue per women-owned businesses, with $198,599 in average sales.

— Ninety percent of all women-owned businesses in the U.S. have no paid employees.

The Center for an Urban Future is a New York City–based think tank that publishes studies about opportunities to grow and diversify the economy in New York and other cities. Capital One helped fund the study.