Where The ‘Girls’ Are: Geo Trends
State Growth: “The states with the fastest growth in the number, employment and revenues of women-owned firms since 1997 are: North Dakota, the District of Columbia, Nevada, Arizona, Georgia, Wyoming, Virginia, Maryland, Texas, and Utah.
The states with the fastest growth in the number of women-owned firms over the past 17 years are Georgia (up 118%), Texas (98%), North Carolina (91%), Nevada (91%) and Mississippi (81%).”
Metropolitan Growth: The metropolitan areas with the greatest growth in the number, employment and revenues of women-owned firms since 2002 are: San Antonio, TX; Atlanta, GA; Baltimore, MD; Houston, TX; Portland, OR; Washington, DC; Tampa/St. Petersburg, FL; Seattle, WA; Dallas, TX and Riverside, CA.
The greatest number of women-owned businesses to be located in New York, NY/NJ with 665,700 women-owned firms as of 2014; Los Angeles, CA with 427,800; Chicago, IL with 308,700; Miami, FL with 242,600; and Washington, DC/MD/VA with 206,400.”
Jane Of All Trades: Industry Trends
Women-owned firms continue to diversify into all industries. The industries with the highest concentration of women-owned firms are health care and social assistance, educational services, other services, and administrative support and waste management services.
Room for Growth: “The industries with the lowest concentration of women-owned firms (in industries contributing 2% or more of the business population) are construction (where just 7% of firms are women-owned), transportation and warehousing (11%), wholesale trade (19%) and finance and insurance (20%).”
By Industry Sector: “The greatest number of women-owned firms is found in health care and social assistance (17%). Other top sectors for women-owned firms include other services, (16%) of women-owned firms in that grouping; professional/scientific/technical services, (13%); retail trade, (10%) and administrative support and waste management services, (10%). Together, these five sectors account for two-thirds of all of the women-owned firms in the country.”
Growth Opportunities: “The fastest growth in the number of women-owned firms over the past 12 years4 has been in education services (up 128%), administration and waste services (up 60%), arts/entertainment/recreation (up 47%), and health care and social assistance (up 44%).”
Diversity Trends In Women-Owned Businesses
In 1997, there were just under 1 million firms owned by women of color, accounting for one in six women-owned firms. That number has skyrocketed to an estimated 2,934,500 as of 2014, now comprising one in three women-owned firms.
African American Outlook: “Firms owned by African American women number an estimated 1,237,900 as of 2014. These 1.2 million firms employ 287,100 workers in addition to the owner and generate an estimated $49.5 billion in revenue.”
Latina Outlook: “Firms owned by Latinas number an estimated 1,033,100 as of 2014. These firms employ 433,600 workers in addition to the owner and generate an estimated $71.1 billion in revenue.”
Asian American Outlook: “Firms owned by Asian American women number an estimated 675,900 as of 2014. These firms employ 699,200 workers in addition to the owner and generate an estimated $115 billion in revenue.”
Native American/Alaska Native Outlook: “Firms owned by Native American or Alaska Native women number an estimated 119,900 as of 2014. These firms employ 40,600 workers in addition to the owner and generate an estimated $10 billion in revenue.”
Hawaiian/Pacific Islander Outlook: “Firms owned by Native Hawaiian or Pacific Islander women number an estimated 20,000 as of 2014. These firms employ 15,200 workers in addition to the owner and generate an estimated $1.9 billion in revenue.”
While firms owned by women of color are smaller than non-minority women-owned businesses both in terms of average employment and revenues, their growth in number and economic clout is generally far outpacing that of all women-owned firms.
What do you think about these female entrepreneurship trends? Read the full report, here.
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