7 Facts You Need to Know About the State of Women-Owned Business

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A report compiled by American Express OPEN on the state of women-owned businesses in 2014, shows that women owned businesses are becoming increasingly important for the economy. As more and more women start their  own businesses, they bring their own perspective to the world of entrepreneurship.

The follow are 7 facts from this American Express OPEN report about businesses owned by women you might want to be aware of:

  1. There is now an estimated total of 9,087,200 privately-held companies owned by women in the United States.
  2. Women-owned companies were employing more than 7,850,000 employees at the time of the report.
  3. Since 1997, there has been a significant increase in the number of women-owned companies in the US. The number of firms owned by women has gone up by 68 percent.
  4. The growth rate of women owned businesses is more significant than the growth rates of other types of privately-owned businesses over the last 17 years.
  5. The growth in the number of companies owned by minority women is outpacing the growth rate of all women-owned firms. The growth rate in firms owned by African American women, for example, has been 296 percent between 1997 and 2014.
  6. The three states where growth in the number of women-owned firms has been the greatest are Georgia, Texas, and North Carolina.
  7. Over the last 17 years, the number of women-owned companies has increased by around 591 firms per day.

The number of women owned businesses are growing by the day, and it’s a great thing for the economy and for entrepreneurship.