More Women-Owned Businesses than Ever Before - Other News

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most 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 » More Women-Owned Businesses than Ever Before

More Women-Owned Businesses than Ever Before

More Women-Owned Businesses than Ever Before
November
29
The content is accurate at the time of publication and is subject to change.

Women-owned businesses have grown by leaps and bounds, according to a new American Express OPEN study, finding that the number of business run by women has more than doubled in the past two decades – growing at a rate that is two and half times quicker than the national average.

What does that mean in dollars and cents? There are 11 million women-owned businesses in the United States, providing employment for just about nine million people, creating $1.7 trillion in earnings.

The seventh annual State of Women-Owned Businesses report also found that every day 849 new businesses are founded by women, which is up 3% from 2016. “We’re encouraged to see the amount of female-owned businesses in the U.S. has more than doubled in twenty years,” said Susan Sobbott, President of American Express Global Commercial Payments.

“Championing women-owned businesses strengthens our economy, individual communities and helps inspire the next generation of female entrepreneurs,” she said. Over the last 12 months, three industries have shown the most growth when it comes to women-owned businesses:

  • Construction 15%
  • Arts, entertainment & recreation 12%
  • Other services 12% (hair salons, nail salons, pet care businesses, etc.)

Entrepreneurship and women of color

Entrepreneurship has been in the cards for women of color over the past two decades, opening their own businesses at an accelerated pace. In general, the number of women-owned businesses has increased 114% between 1997 and 2017, while the rate at which businesses owned by women of color has gone up by 467%.

They also make up just about half (46%) of all the businesses owned by women, and they have more than two million people working for them, with their annual revenue hitting $361 billion annually.

As of this year, there are:

  • 2.2 million African American, women-owned firms
  • Just about 2 million Latina-owned businesses
  • 1 million Asian American women-owned companies
  • 161,500 Native American/Alaska Native women-owned enterprises
  • 34,200 Native Hawaiian/Pacific Islander women-owned firms

It is not just about location

In real estate, they say it’s all about location, but for women-owned businesses, success is not just about where they are located. As expected, states with a lot of people, including California, Florida, Texas, New York and Georgia, have bigger rosters of women-owned business, but rural states are holding their own when it comes to the growth rates of women-owned businesses too.

The study took a close look at economic clout, which meant not only determining the growth rate in terms of the number of firms but also upswings in employment and revenues. Using this criteria they found the top five states where women upped their economic impact in the last 20 years.

These states are:

  • Nevada
  • District of Columbia
  • South Dakota
  • North Dakota
  • Georgia

The top cities and areas:

  • Charlotte-Concord-Gastonia metro area, NC/SC
  • San Antonio, TX
  • Austin, TX
  • Indianapolis, IN

And Riverside, CA and Salt Lake City, UT tied for fifth place.

The 2017 State of Women-Owned Businesses Report was created using data from the United States Census Bureau Survey of Business Owners (SBO). This census survey is conducted every five years.

amex_news

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

New Credit Cards from Hilton Honors and Amex
New Credit Cards from Hilton Honors and Amex

Posted: November 10, 2017

American Express and Hilton have inked a deal expanding their relationship so that there will now be four Hilton Honors co-Branded credit cards in their network, designed with both small businesses and consumers in mind. The cards in this... Continue reading
Get 20,000 Points or $200 Cash Back With Amex Offers and AT&T
Get 20,000 Points or $200 Cash Back With Amex Offers and AT&T

Posted: May 07, 2018

Amex Offers has another deal on the table. If you have an American Express business rewards card, you can earn $200 cash back or opt to get 20,000 Membership Rewards points when you spend $200 with AT&T. What's more, you can use this... Continue reading
Middle Market Firms and Cities Working Together
Middle Market Firms and Cities Working Together

Posted: February 27, 2018

There is a very real economic give and take between Middle Market firms and cities, according to a new index released by American Express, finding that while metropolitan areas offer these companies both infrastructure and access to... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs up to the quarterly maximum each time you activate.
For Excellent, Good Credit
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
0% Intro APR on Balance Transfers and Purchases for 18 months. After that, the variable APR will be 15.74% - 25.74% based on your creditworthiness*
For Excellent, Good Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!