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Business Observer Friday, Sep. 7, 2018 2 years ago

A league of their own

American Express study shows Florida leads nation in number of women-owned business.

When it comes to breaking the glass ceiling between the floors separating themselves from the C-suite, women in growing numbers — particularly in Florida — are using an elevator rather than a hammer by starting and running their own businesses.

That's a big takeaway from the eighth annual State of Women-Owned Businesses Report commissioned by American Express. Florida, in the good news department, is ranked No. 1 nationally in the growth of women-owned firms since 2007.

The no-so-good news? The data suggests these business are small. The state ranks No. 38 in growth of jobs created by these companies, a 7.4% increase over 2007, and No. 31 in revenue growth, with sales volume increased by 29.8%.

Florida is followed in the growth of women-owned firms top five by Georgia, Michigan and a fourth-place tie between Tennessee and South Carolina.

Florida has an estimated 1.1 million women-owned businesses, employing 505,400 and generating roughly $100 billion in revenues, according to the report, which analyzes data from the U.S. Census Bureau’s Survey of Business Owners, factoring relative changes in gross domestic product. “This new data demonstrates not only the remarkable impact women entrepreneurs have on our economy when it comes to creating jobs and generating revenue, but also the growing role of women-owned businesses in our communities,” says Julie Tomich, senior vice president of American Express Global Commercial Services, in a statement. 

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