The number of women-owned businesses rose 21% to 12.9 million between 2014 and 2019, according to the “2019 State of Women-Owned Businesses Report,” published by American Express.
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► Arkansas Women-Owned Companies
Employment grew by 8% to 9.4 million, the report said, and revenue rose 21% to $1.9 trillion.
The report, released in September, defines women-owned businesses as those that are at least 51% owned, operated and controlled by one or more females.
“The growth rates of several key metrics for women-owned businesses showed continued progress when compared to all businesses over the past five years,” the report said:
► The number of women-owned businesses increased 21%, while all businesses increased only 9%.
► Total employment by women-owned businesses rose 8%, while for all businesses the increase was 1.8%.
► Total revenue growth of women-owned businesses was about the same as for all businesses, 21% and 20% respectively.
Meanwhile, the share of women-owned businesses as a proportion of all businesses has soared from 4.6% in 1972 to 42% in 2019. However, the growth in the share of the total private-sector workforce and in total revenue hasn’t kept pace, with the share of employment at 8% and share of revenue at 4.3%.