Women are starting an average of 1,072 new businesses each day and since the recession, the number of women-owned firms has grown at a rate five times the national average (up 45%, vs. a 9% increase among all businesses), according to the 2016 State of Women-Owned Businesses Report, commissioned by American Express OPEN.
The unique analysis takes a deep dive into industry, revenue and employment size at the national, state and metropolitan levels and reveals the vitality of women-owned businesses in the U.S. economy. Among the findings:
- There are now 11.3 million women-owned businesses in the United States, employing nearly 9 million people and generating over $1.6 trillion in revenues;
- As of 2016, there are nearly 5 million minority women-owned businesses, making up almost half (44%) of all women-owned firms in the U.S. with 2 million workers and $344 billion in revenues;
- Nearly eight out of every 10 (79%) net new women-owned firms since 2007 have been started by a woman of color. As of 2016, African American women take the lead with 1.9 million firms, closely followed by Latina women at just under 1.9 million businesses;
- The industries that saw the greatest increase in the number of women-owned firms are other services (e.g. home care, pet care, nail salons), up 98%; administrative, support and waste management services, up 64%; accommodation and food services, up 62%; and construction, up 56%.
A post, including links to the 2016 State of Women-Owned Businesses Report executive summary and news release, is available online here.