Top 10 Women Owned Business Facts

Source:  www.wbenc.org

http://www.wbenc.org/blog-posts/2016/6/1/top-10-women-owned-business-facts

From The 2016 State of Women-Owned Businesses Report commissioned by American Express OPEN.

The 2016 State of Women-Owned Businesses Report is now available. WBENC shares our top 10 data trends noted in the report.

Click to download the full report in PDF.

There are now 11.3 million women-owned businesses in the U.S., employing nearly 9 million people and generating over $1.6 trillion in revenues.

Women-owned businesses now comprise 38% of the business population, employ 8% of the country’s private sector workforce and contribute 4% of the nation’s business revenues.

Since 2007, there have been 1,072 net new women-owned firms launched each and every day.

Between 2007 and 2016, while the total number of firms increased by 9%, the number of women-owned firms increased by 45% – meaning that over this period the number of women-owned firms grew at a rate fully five times the national average.

The number of women of color who have launched their own business has more than doubled since 2007, to nearly 5 million. They comprise fully 44% of all women-owned firms.

The average minority woman-owned business annual revenues are less than half that of the average non-minority women-owned firm. Overall, women-owned businesses average $143,431 in annual revenue, with non-minority women-owned firms averaging $201,948 in annual revenues and minority women-owned firms averaging $68,982.

Although the share of women-owned firms keeps climbing – from 28% in 2002 to 38% today – their share of employment (8%) and revenues (4%) remains essentially unchanged.

Despite broadening industry diversity over the past two decades, since the 2008 recession the industries with the greatest share of new women-owned firms are in some of the most historically traditional sectors for women:

Other services (which includes hair and nail salons, up 98% compared to 45% overall);

Administrative, support and waste management services (home to janitorial and landscaping businesses, +64%); and

Accommodation and food services (+62%).

9. Since the recession, the 10 fastest-growing states for women-owned firms are:

Florida (up 67%)

Georgia (64%)

Texas (63%)

Michigan (57%)

Mississippi (56%)

South Carolina (53%)

Tennessee (53%)

The District of Columbia (51%)

South Dakota (50%)

Louisiana (49%)

10. Since the recession, the 10 fastest-growing states in terms of combined economic clout are:

North Dakota, South Dakota, Texas (all tied for first),

Iowa,

Indiana and Wyoming (tied for 5th)

Georgia and Tennessee (tied for 7th)

Utah

Maine