Women-Owned Businesses Growing - Other News

Advertising Disclosure

Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Women-Owned Businesses Growing

Women-Owned Businesses Growing

Add to Favorites:
Women-Owned Businesses Growing

Businesses owned by women in the U.S. are growing faster than other businesses, according to a new study by American Express OPEN. In fact, they have grown at five times the national rate over the last nine years. They have also achieved a post recession high while the amount of businesses owned and run by women of color have doubled.

The sixth annual State of Women-Owned Businesses Report commissioned by American Express OPEN looked at data generated from 2007 to 2016 by the U.S. Census Bureau along with the Gross Domestic Product data.

They found that women-owned firms increased by 42% and women began 1,072 new businesses every day. “We are pleased to see the continued rise of the vital role that women-owned businesses play in our country’s post-recession recovery,” said Susan Sobbott, president of American Express Global Commercial Payments. “We are inspired by these women who are continuing to pursue their entrepreneurial passions, and are strengthening our communities and economy even further.”

Outpacing the pack

Women are also bringing in the cash and doing their part to keep people working, with 11.3 million businesses making $1.6 trillion and employing just about nine million people.

The data showed that they have increased their growth by 18% in the last nine years, while in general hiring is down among all businesses by 1%. What about making money? Revenue is up 35%, a significant increase when looking at all businesses which clocked in with 27% growth.

And there’s more. When you do the math you find that 38% of businesses in the U.S are owned by women, up 6% from 2007. Wondering what states are showing the most growth?

When looking at the state-by-state numbers the top states for women owned business are:

• California
• Texas
• Florida
• New York
• Georgia

And the top cities are:

• New York City
• Los Angeles
• Miami
• Chicago
• Atlanta

More firms owned by women of color

When they looked at just women-owned firms, they found that businesses led or owned by women of color are experiencing the most growth, having increased by 126%. Women of color own five million businesses, and they now make up half of all women-owned establishments. They too bring in the cash, earning a whopping $344 billion a year and employing two million people nationwide.


All credit cards terms, fees and rates mentioned in this article/post are actual on the posting date. See the current products’ Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

New Business Card from Amex
New Business Card from Amex

Posted: February 02, 2016

American Express OPEN now has a new card in their lineup – the SimplyCash Plus Business Credit Card, offering small businesses up to 5% cash back on key purchases. Continue reading
Small Business Owners Growing Their Businesses with Credit Cards
Small Business Owners Growing Their Businesses with Credit Cards

Posted: February 24, 2016

Personal time is in short supply for owners of small businesses according to the new American Express OPEN Small Business Growth Pulse. Continue reading
Hiring is on the Agenda for Small Businesses
Hiring is on the Agenda for Small Businesses

Posted: May 27, 2016

Steady is the word of the day for small business owners when it comes to optimism and plans for growing their business, according to the new 2016 American Express OPEN Small Business Monitor. Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
We'll match all the Miles you've earned at the end of your first year. For example, if you earn 30,000 Miles, you get 60,000 Miles.
For Excellent, Good Credit
You could turn $150 into $300 with Cashback Match™. Get a dollar-for-dollar match of all the cash back you've earned at the end of your first year, automatically.
For Excellent, Good Credit
No Annual Fee. See WebBank/Fingerhut Credit Account Terms.
For Bad Credit