[5] Jacob Ridgway earned substantial wealth both in Philadelphia and abroad in London.

In the early 19th century as part of a larger land purchase, Ridgway acquired 40,000 acres (160 km2) that became Elk County.

One of Jacob Ridgway's nephews by marriage, 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.

In the past, the industrial interests were manufacturing leather, iron, clay, and lumber products, silk goods, railroad snow plows, dynamos, and machine tools.

Grant House and Ridgway Armory are also listed on the National Register of Historic Places.

The borough is in the valley of the Clarion River, where it is joined from the east by Elk Creek.

In the summer months, the Ridgway Volunteer Fire Department host their week-long celebration on their lot off North Broad Street.

ECCOTA operates a sales gallery in downtown Ridgway with artwork of all mediums from local artists.

The area serves as a gateway to the Allegheny National Forest, which provides outdoor recreation activities including ATV trails, horseback riding, camping and fishing.

Ridgway has several bed and breakfasts, the Summit Fireside Lodge and Grill, and the oldest hotel in Elk County, the Royal Inn.

The Wild and Scenic Clarion River hosts trophy trout fishing, an afternoon float and camping.

The Little Toby-Clarion River Rail Trail trek runs 18 miles (29 km) to Brockway.

The Francis S. Grandinetti Elementary School is on Boot Jack Hill in Ridgway Township.

The athletic team is known as the Elkers, a reference to Ridgway as the Elk County seat.