fbpx

Mind-Blowing Trends On The Rise of Female Entrepreneurship (Report)

Women-owned firms mean business: generating over $1.4 trillion in revenues and employing over 7.8 million people.

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.

 

 

© YFS Magazine. All Rights Reserved. Copying prohibited. All material is protected by U.S. and international copyright laws. Unauthorized reproduction or distribution of this material is prohibited. Sharing of this material under Attribution-NonCommercial-NoDerivatives 4.0 International terms, listed here, is permitted.

   

In this article