July 1, 2015
In recent years, women owned businesses have proven their significance to the nations economy. According to American Express OPEN’s Research, the number of women owned businesses continues to increase at rates 1 ½ times the national average, resulting in about 9.1 million women owned businesses that generate over $1.4 trillion in revenue. These businesses also provide employment to nearly 7.9 million workers.
Since 1997, the number of women owned businesses has increased 68% on average, however looking at the state separately, we can see that Alaska has one of the lowest growth rates at only 11% versus the outstanding 118% of Georgia.
We can see a growth of women owned businesses in all industries, though the highest concentration is in health care. Other major areas for women entrepreneurs include professional/scientific/technical services (such as attorneys, accountants, human resources, etc), retail, and administrative support.
There are two sides to this story, first – where women owned businesses are growing rapidly, second – is that those individual businesses remain small. Small businesses are very important to our economy; however, women entrepreneurs may want to consider increasing the size of their business and with time that may come the attention of the researchers with American Express OPEN. This study has only been preformed since 2011; it will be very interesting to see where women entrepreneurs are in the future.
For more facts and statistics, check out the American Express OPEN’s research