Women-Owned Businesses Are Second Only to Publicly-Traded Firms in Job Creation since the Great Recession

Businesses Owned by Women of Color Skyrocket in Number and Economic Stature

The Third Annual State of Women-Owned Businesses Report, Commissioned by American Express OPEN, Examines U.S. Census Data to Update and Expand on 2011 and 2012 Studies

NEW YORK–(BUSINESS WIRE)– Women-owned businesses trail only publicly-traded firms in U.S. job creation since 2007, according to the 2013 State of Women-Owned Businesses Report, commissioned by American Express OPEN. They added 175,000 net jobs, versus a national net decline of 569,000 jobs among all privately-held firms during that time period.

According to the report, small businesses owned by women of color have seen tremendous growth in economic clout since 1997. Over the past sixteen years, the number of firms owned by women of color (African American, Latina, Asian American, Native American/Alaska Native and Native Hawaiian/Pacific Islander) has increased 156% to 2,677,700 and now represent approximately one in three (31%) women-owned businesses. The number of all women-owned firms grew by 59% in the same time period.

Likewise, growth in employment (85%) and revenues (168%) of firms owned by women of color topped growth rates of all women-owned firms (10% and 63% respectively) by wide margins.

Women-owned firms have maintained a steady pace of growth, higher than the national average, despite recent economic uncertainty. As of 2013, it is estimated that there are more than 8.6 million women-owned businesses in the United States, generating nearly $1.3 trillion in revenues and employing 7.8 million people as stated in the annual study, now in its third year.

Between 1997 and 2013, the number of women-owned businesses grew at 1.5 times the national average. Over the past 16 years, the growth in number (up 59%), employment (up 10%) and revenues (up 63%) of women-owned firms exceeded the rates of all privately-held businesses over this period.

“The report underlines the important role women-owned firms have played throughout the economic recovery,” said Susan Sobbott, president of American Express OPEN. “Women-owned businesses have been net job creators since 2007, a distinction …read more

Source: FULL ARTICLE at DailyFinance