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New OPEN Report Shows Phenomenal Growth of Women-Owned Businesses

A new survey reveals that women-owned businesses are growing at a faster rate than most businesses. Here are other surprising results.
April 04, 2013

According to American Express OPEN’s 2013 State of Women-Owned Businesses Report: A Summary of Important Trends, 1997-2013, as of 2013, it is estimated that there are over 8.6 million women-owned businesses in the United States, generating over $1.3 trillion in revenues and employing nearly 7.8 million people. The growth in the number, revenues and employment of women-owned firms over the past 16 years exceeds the growth rates of all but the very largest, publicly traded corporations in the country. 

This year’s report expands its focus to look specifically at the phenomenal growth of firms owned by women of color. While firms owned by women of color are smaller than non-minority women-owned businesses both in terms of average employment and revenues, their growth in number and economic clout is generally far outpacing that of all women-owned firms. The growth in the number of African American, Asian American, Latina, Native American/Alaska Native, and Native Hawaiian/Pacific Islander women-owned firms are all up over 100 percent from 1997-2013, topping the growth in the number of non-minority women-owned firms over the past 16 years.

This year’s key findings also include:

  • As of 2013, the number of firms owned by women of color has skyrocketed to an estimated 2,677,700, and now comprises 31 percent of women-owned firms. In 1997, there were just under 1 million firms owned by women of color, accounting for just 17 percent of women-owned firms.
  • When looking specifically at the 2007-2013 period, the net increase of 5.3 million jobs economy-wide has come almost entirely from very large public corporations and women-owned firms.
  • The states in which growth in the number, employment, and revenues of women-owned firms has been the strongest are the District of Columbia, North Dakota, Nevada, Wyoming and Georgia.

Read the full report for the current health and well-being of women-owned firms in all 50 states and the 25 most populous metropolitan areas. You can also follow social media conversations regarding this report via #poweringtomorrow.

View the 2013 State of Women-Owned Business Report Summary

View the complete 2012 State of Women-Owned Business Report

View the complete 2011 State of Women-Owned Business Report

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