WASHINGTON, Oct. 14, 2016 /PRNewswire-USNewswire/ -- SCORE, the nation's largest network of volunteer, expert business mentors, has gathered statistics in honor of National Women's Small Business Month that show how 11.3 million women-owned businesses are making an impact on the American small business landscape. Data shows that women are currently majority owners of 38% of U.S. businesses, up from 29% in 2007, with these businesses employing nearly 9 million people and generating more than $1.6 trillion in revenue each year.
Women-owned businesses are hiring—and growing:
- Since 2007, the number of women-owned firms has grown at five times the national average, with 1,072 net women-owned firms starting every day.
- 84.6% of women start businesses because they see an opportunity—not because they're unemployed.
- Since 2007, employment by women-owned businesses is up 18%, compared to a 1% overall average decrease in employment by small businesses.
- Revenues of women-owned businesses have increased 35% since 2007, but only 1.8% of these businesses have revenue exceeding $1M (vs. 6.3% for men).
Entrepreneurial women of color lead the way:
- Women of color now own nearly 5 million firms, accounting for 44% of women-owned businesses.
- Nearly eight in 10 new woman-owned businesses launched since 2007 was started by a woman of color.
States with the highest percentage of women-owned businesses are:
- Washington, DC: 45.2%
- Georgia: 41.1%
- Maryland: 40.1%
- New Mexico: 40.1%
- Illinois: 39%
Industries with the highest percentage of women-owned businesses are:
- Healthcare/social assistance: 64.6%
- Educational services: 56.9%
- Other services: 52%
- Administrative & support: 47.1%
- Retail: 41.8%
Download this infographic for more data on the state of women-owned businesses in 2016. Connect with a SCORE mentor today for personalized help with starting or growing your small business.
Since 1964, SCORE has helped more than 10 million aspiring entrepreneurs. Each year, SCORE's 10,000+ volunteer business experts provide 350,000+ free small business mentoring sessions, workshops and educational services to clients in 300+ chapters nationwide. In 2015, SCORE volunteers provided 2.2+ million hours to help create more than 45,000 jobs and 55,000 small businesses.
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. Follow SCOREMentors on Facebook and Twitter.
SOURCE SCORE Association