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Women are winning at business.
So much so that, according to a recent report, female-owned businesses are growing two times faster on average than all businesses nationwide. The report, the ninth annual State of Women-Owned Businesses Report, commissioned by American Express, analyzes data from the U.S. Census Bureau’s Survey of Business Owners. The report uses data to show the impact of female-owned businesses on the U.S. economy.
It also breaks down where U.S. states and metropolitan areas fall in terms of statistics related to female-owned businesses. Florida fared well in the report in a key measure — it ranked No. 3 in terms of growth in number of female-owned firms in 2019. The state saw an increase of 26.6%. Michigan and Georgia came in above Florida at No. 1 and No. 2 respectively, with South Carolina and Nevada filling out the top five states.
On a national level, the report says over the past five years, the number of female-owned businesses increased 21% compared to an increase of 9% for all businesses. Female firms saw big gains on the employment side, too. Total employment by female-owned businesses increased 8% but only by 1.8% for all businesses.
The growth was even more prominent for women of color. According to the report, women of color are starting businesses at 4.5 times the rate of all business owners. Firms owned by women of color grew 43% from 2014 to 2019 compared to 21% for all women-owned businesses. Women of color, the report found, account for 50% of all women-owned businesses as of this year.
Florida has about 1.1 million women-owned businesses, and within the state, certain metropolitan areas saw some positive growth. Tampa/St. Petersburg was ranked 12th in growth of number of female-owned firms, the report shows. It had a 27.2% increase over the past five years. In terms of jobs created, it placed 25th with an 8.1% increase. Revenue-wise, it was 30th in the U.S., with a 15.7% increase.
In its conclusion, the report suggests there are opportunities for businesses of all kinds because of the growth of female-led businesses. “As a large and growing market, women-owned businesses are also an opportunity for marketers,” the report says. “Organizations that help women succeed contribute to not only their own success but to the flourishing of individual businesses and to the economy overall.”
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