Earlier today, American Express OPEN released the Sixth Annual State of Women-Owned Businesses Report and the results are proof of the women-owned business community’s ability to power through adversity. Some highlights of the report, which is based on historical and current U.S. Census Bureau data and Gross Domestic Product data, are:
- Between 2007 and 2016, the number of women-owned firms rose by 42% with women starting 1,072 (net) new businesses per day.
- Women-owned firms now number 11.3 million, employ nearly 9 million people and are generating more than $1.6 trillion in revenue.
- Over the past nine years, the number of women-owned firms has grown at a rate five times faster than the national average, reaching a post-recession high
- Number of Firms Owned by Women of Color More Than Doubled Over Past Nine Years
“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.”
“Every day, 1,000+ women choose the path of entrepreneurship. This report captures the optimism of our members who contribute mightily to the economy by starting and building their businesses—especially women of color,” said Ann Sullivan, Chief Advocate for Women Impacting Public Policy.
As we emerge from the recession, women are turning to traditional industries such as lifestyle and services companies. Between 2007 and 2016, the following four industries had the biggest increase in women-owned firms:
- other services (e.g. home care to hair and nail salons and pet care businesses), up 98%;
- administrative, support and waste management services (including janitorial and landscaping businesses as well as office administrative support and travel agencies), up 64%;
- accommodation and food services, up 62%;
- and construction, up 56%.
View the full 2016 State of Women-Owned Business Report, here.