Wow, I was just blown away by some amazing statistics. Check them out for yourself:
Women-Owned Businesses Continue to Outpace Growth Rates for All Other Firms
Washington, DC – Women-owned firms continue to grow at twice the rate of all firms, according to the biennial update by the Center for Women’s Business Research.
As of 2006, the Center estimates there are 7.7 million majority women-owned firms (firms at least 51% owned by a woman or women). Between 1997 and 2006 the number of majority women-owned firms increased from 5.4 to 7.7 million, an increase of 42%, almost double that of all firms (23%).
OPEN from American ExpressSM is the exclusive underwriter of the 2006 biennial update.
“The number of women-owned firms has grown at around twice the rate of all firms for more than two decades,” said Marjorie Alfus, chair of the Center for Women’s Business Research. “Women business owners are significant players in the nation’s economy and their momentum shows no sign of slowing down.”
The new projections also show that there are 10.4 million businesses 50% or more owned by a woman or women that employ 13 million employees and generate nearly $2 trillion ($1.9) in revenues.
In 2006, majority women-owned firms are expected to generate more than $1 trillion ($1.1) in revenues and employ 7.2 million workers. Nearly three-quarters (74%) of all women-owned firms are majority women-owned.
“OPEN from American Express is an active partner of women entrepreneurs as they grow their businesses,” said Susan Sobbott, president, OPEN from American ExpressSM. “Our work with the Center for Women’s Business Research helps quantify the significant contribution women are making in the economy in terms of economic growth and job creation. And through our Make Mine a $Million Business program (www.makemineamillion.org) we are changing the lives of women entrepreneurs by helping them turn high-potential businesses into million-dollar enterprises.”
The fastest growing industry sectors for majority-owned firms (between 1997 and 2006) are wholesale trade (283%), health care services (130%), arts, entertainment and recreation (117%), and professional, scientific and technical services (83%). The largest percentage of majority women-owned firms is in the service sector (69%) followed by retail trade (14%).
The 2006 regional, state and metro updates of women-owned businesses will be released in late fall of this year.