Ridgway was founded by Philadelphian shipping merchant Jacob Ridgway and James Gillis. Jacob Ridgway earned substantial wealth both in Philadelphia and abroad in London. He constantly sent sums of money back to be invested in property. In the early 19th century as part of a larger land purchase, Ridgway acquired that became Elk County. One of Jacob Ridgway's nephews, James Gillis, convinced Ridgway that the area could become a very lucrative spot for a lumber camp due to the proximity of Elk Creek and the Clarion River, a tributary of the Allegheny River. Coal and natural gas abound in the district. In the past, the industrial interests were manufacturing leather, iron, clay, and lumber products, silk goods, railroad snow plows, dynamos, and machine tools. In 1900, the people living here numbered 3,515; in 1910, 5,408; in 1940, 6,253, and in 2010, 4,078.