New research from the 2018 State of Women-Owned Businesses Report shows that since 1972 the number of women-owned businesses has increased by 31 times from 402,000 to 12.3 million in 2018, with revenues rising from $8.1 billion to $1.8 trillion. And between 2017 and 2018, women started an average of 1,821 new businesses per day.
The eighth annual research report, commissioned by American Express, shows that women-owned businesses now make up 40% of all businesses in the US.
For women of colour the statistics are even more impressive in relation to the number of women-owned businesses as a whole. From 2007 to 2018 the total number of women-owned businesses grew 58%, but those owned by women of colour grew by 163%, nearly three times that rate, meaning women of colour make up 47% of all women-owned businesses today.
Out of all women of colour, numbers for Latinas (172%) and African Americans (164%) grew the fastest with 2.1 million Latina-owned and 2.4 million African American women-owned businesses in 2018.
Julie Tomich, SVP at American Express Global Commercial Services, said of these findings: “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. Over the past 11 years, we’ve seen women’s entrepreneurship and economic impact increase – especially among the growing number of women-owned companies that generate more than $1 million in revenue.”
For more findings from the report, click here.