Number of Women-Owned Businesses Growing at Highest Pace Since the Recession
The Sixth Annual State of Women-Owned Businesses Report, Commissioned by American Express OPEN Finds More than 1,000 Women-Owned Businesses are Formed Each Day
Number of Firms Owned by Women of Color More Than Doubled Over Past Nine Years
April 06, 2016 09:30 AM Eastern Daylight Time
NEW YORK–(BUSINESS WIRE)–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, according to the 2016 State of Women-Owned Businesses Report, commissioned by American Express OPEN (NYSE:AXP). The sixth annual report, which is based on historical and current U.S. Census Bureau data and Gross Domestic Product data, found that between 2007 and 2016, the number of women-owned firms rose by 42% with women starting 1,072 (net) new businesses per day. Additionally, the report indicates that women-owned firms now number 11.3 million, employ nearly 9 million people and are generating more than $1.6 trillion in revenue.
“We are pleased to see the continued rise of the vital role that women-owned businesses play in our country’s post-recession recovery”