WASHINGTON, May 27, 2015 /PRNewswire-USNewswire/ -- SCORE, – www.score.org - mentors to America's small businesses, has gathered statistics on the growth and economic impact of women-owned and minority-owned businesses in the United States. In total, there are currently 9.1 million women-owned businesses in the U.S. that employ 7.9 million people and generate $1.4 trillion in annual revenues. Since 1997, the number of women-owned firms in the U.S. has increased by 67.8% while the number of men-owned firms increased by 34.4%.
Women-owned Businesses Growing at 1.5x the National Average
In addition to the number of women-owned firms steadily increasing, the employment rate of these firms increased by 11.0% while revenues grew 72.3% between 1997 and 2014. During the same time period the employment rate in men-owned firms increased by 6.5% and revenues grew by 45.1%.
The highest industry concentration of women-owned enterprises is found in health care and social assistance, educational and other professional services.
More Businesses Owned by Women of Color
Between 1997 and 2014, the number of businesses owned by women of color in the U.S. increased from 1 million to 3 million. Both ownership growth and revenue growth outpaced their non-minority counterparts; Women entrepreneurs of color increased business ownership by 215.7% and increased revenues by 193% while all women-owned businesses averaged 67.8% ownership growth and 72% revenue growth.
Latino-owned Businesses Growing at 2x the National Average
Latino-owned businesses have increased in number from 1.57 million enterprises in 2002 to 3.22 million in 2014 - a rate that represents 2 times the national average. This represents a 43% increase in business ownership by Latinos since 2007.
Download this month's SCORE Infographic to access all the data regarding small businesses' B2B sales processes.
Since 1964, SCORE has helped more than 10 million aspiring entrepreneurs. Each year, SCORE provides small business mentoring, workshops and education to more than 375,000 new and growing small businesses. More than 11,000 business experts volunteer as mentors in over 320 chapters serving local communities with entrepreneur education.
For more information about starting or operating a small business, call 1-800/634-0245 for the SCORE chapter nearest you. Visit SCORE at www.score.org. Connect with SCORE at www.facebook.com/SCOREFans and www.twitter.com/SCOREMentors.
SOURCE SCORE Association