Women Owned Businesses Give the Economy A Real Boost - Other News


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 » Women Owned Businesses Give the Economy A Real Boost

Women Owned Businesses Give the Economy A Real Boost

The content is accurate at the time of publication and is subject to change.

Businesses owned by women are helping fuel the post-recession recovery with 30% of all endeavors in the U.S owned by women, according to American Express.

The 5th annual State of Women-Owned Businesses Report found that women-owned businesses have surpassed pre-recession levels in terms of revenue and employment, having added 340,000 jobs to the market since 2007.

“Women-owned businesses are key contributors to the post-recession recovery,” said Lisette Bernstein, vice president at American Express OPEN. “With this report, we hope to draw attention to the growing diversity of women-owned enterprises and inspire even more women entrepreneurs to reach their full potential.”

Women starting things up

The start-up rate among women-owned firms shows that business creation has recovered from the recession with the number having increased by 21% since 2007, which is close to the pre-recession growth rate of 20% and way up from just 7% from 2007 to 2012.

When they looked at the 18-year period spanning 1997 to 2015 they found that women owned start-ups had made some interesting gains including:

  • revenues were up by 79%
  • grown in number up by 74%
  • added 847,000 to the market

According to estimates as of this year, more than 9.4 million U.S women-owned businesses employed over 7.9 million people and yielded about $1.5 trillion in revenues.

Diversity has been a major factor in this growth. While in 1997 just one in six companies were owned by minority women, that number jumped in 2015 to one in three, accounting for just over  3.1 million businesses generating $268 billion  in revenues and employing 1.6 million people.

What’s Trending

The industries where women have the biggest impact are those focused on social assistance and  healthcare (53%), followed by educational services (45%), other services (42%), and administrative support and waste management services (37%).

Certain areas in the U.S are hot spots when it comes to women start-ups, including:

  • Georgia (132%)
  • Texas (116%)
  • North Carolina (98%)
  • North Dakota (89%)
  • New York (89%)

The State of Women-Owned Business Report commissioned by American Express OPEN, and conducted by Womenable, a research, program and policy development consultancy. They used data from the Survey of Business Owners (SBO) compiled by the United States Census Bureau, as well as other statistics from the bureau. They reviewed and analyzed data from three censuses in 1997, 2002 and 2007.

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:

Middle Market Companies Grow the Economy
Middle Market Companies Grow the Economy

Posted: April 16, 2015

Middle market companies are driving job growth with more than 50 million people on their payrolls and $6.2 trillion getting pumped into the economy from them, according to a new report by American Express and Dun & Bradstreet. Continue reading

Small Business Owners Give Themselves a Raise
Small Business Owners Give Themselves a Raise

Posted: April 06, 2015

The latest American Express OPEN Small Business Monitor showed an uptick in optimism among small business owners, indicated partly by increased confidence about their ability to save for retirement and partly by the higher salaries they’re… Continue reading

American Express Helping Middle Market Companies Grow
American Express Helping Middle Market Companies Grow

Posted: May 27, 2015

American Express has announced the rollout of American Express Grow Global, an initiative designed to help mid-sized companies move into exporting by giving them information on the ins and outs of getting started and connecting them with… 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 and more up to the quarterly maximum, each time you activate.
For Excellent, Good Credit
INTRO OFFER: Discover will match ALL the Miles you've earned at the end of your first year, automatically. For example, if you earn 30,000 Miles, you get 60,000 Miles. That's $600 towards travel!
For Excellent, Good Credit
Earn unlimited 1.5% cash back on every purchase, every day
For Average, Fair, Limited 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!