Center
for Women’s Business Research Announces
Top Ten
States and Metro Areas
For Women-Owned Businesses
Washington,
DC – Majority women-owned
firms are growing at a rate nearly twice
the U.S. average, contribute $1.1 trillion
in revenues to the economy and create jobs
for 7.2 million Americans.
The Center for Women’s Business Research
today announced its biennial update of state
and metro area figures for women-owned businesses.
Drawing on the most recently available U.S.
Census data, the research projects the numbers
to 2006 and provides the most comprehensive
statistical snapshot of today’s 7.7
million majority women-owned firms (firms
at least 51% owned by a woman or women),
as well as businesses that are 50% or more
women-owned. The data released by the Center
looks at the impact of these firms in individual
states, regions and metropolitan areas.
OPEN from American Express® is the exclusive
underwriter of the reports, Women-Owned Businesses
in 2006: Trends in the U.S. and 50 States
and Women-Owned Businesses in 2006: Trends
in the Top 50 Metropolitan Areas.
“Between 1997 and 2006, the performance
of majority women-owned firms outpaced the
economy as a whole,” said Marjorie
Alfus, chair, Center for Women’s Business
Research. “Their growth in sales and
employees was modest, 4.4% and 0.4% respectively,
but surpassed that of all privately-held
firms, which had negative growth (declines
of 1% in sales and 1.2% in employees.) Women-owned
firms continued growing in number at nearly
twice the rate of all firms, 42% compared
to 23% for all firms.”
The report reveals impressive growth and
the substantial economic contributions women
entrepreneurs are making across the country.
Five of the fastest growing metro areas for
majority women-owned firms are in Florida:
Fort Lauderdale; West Palm Beach-Boca Raton;
Tampa-St. Petersburg; Orlando; and Miami.
The other half are geographically diverse:
Phoenix; New York; Suffolk-Nassau counties,
NY; Atlanta; and Virginia Beach, VA.
The top ten states for majority women-owned
firms are, in rank order: California, New
York, Texas, Florida, Illinois, Pennsylvania,
Ohio, New Jersey, Michigan, and Georgia.
The rank is based on a combination of the
number of firms, sales and employees.
The top ten states with the fastest growth
rates for majority women-owned firms are:
Florida; Arizona; Hawaii; Georgia; New York;
Virginia; New Hampshire/New Jersey (tied
at 7th); Rhode Island; and Nevada.
"Over the past ten years, the number
of majority women-owned firms just within
the top ten states grew by 64 percent, and
the number of these companies with employees
increased 17 percent," said Susan Sobbott,
president, OPEN from American Express®. “The
current and potential impact of women entrepreneurs
on their local economies across geographies
is profound. Universally, majority women-owned
businesses are growing twice as fast as the
national average. While big employers today,
over time their presence will only increase.
OPEN supports their potential through initiatives
like the Make Mine a $Million Business movement,
which provides tangible mentoring, money
and marketing resources to high-potential
women innovators who aspire to $1 million
in annual revenues.”
Between 1997 and 2006, the top ten metro
areas based on number of firms, sales and
employees for majority women-owned firms
are: Los Angeles; New York; Chicago; Washington,
DC; Atlanta; Boston; Houston; Philadelphia;
Santa Ana-Anaheim; Dallas; and Detroit.
For the first time, the Center for Women’s
Business Research is also releasing data
on women-owned businesses by region, which
are based primarily on Census Bureau –defined
regions. The South Atlantic Region (FL, GA,
NC, SC, VA, and WV) showed across the board
growth for majority women-owned firms. Between
1997 and 2006, the 1.3 million firms increased
72% in number, 15% in sales, 15% in employees
and firms with employees increased 24%.
Figures for minority women-owned businesses
will be released in the first quarter of
2007.
Fact Sheets available on the Center for
Women's Business Research's website include
the 50 states and the District of Columbia
(http://www.womensbusinessresearch.org/states2006);
nine regions encompassing the 50 states and
the District of Columbia (http://www.womensbusinessresearch.org/regions2006);
and the top 50 metropolitan statistical areas
(http://www.womensbusinessresearch.org/metros2006).
To view maps depicting the top 10 states
and metro areas for number of majority women-owned
businesses and fastest growth among majority
women-owned businesses, visit us online at
http://www.womensbusinessresearch.org/press/details.php?id=143.
The full reports, Women-Owned Businesses
in 2006: Trends in the U.S. and 50 States
and Women-Owned Businesses in 2006: Trends
in the Top 50 Metropolitan Areas are available
from the Center for Women’s Business
Research both in print ($150 for each volume,
or $260 for both) and include fact sheets
for each state and metro area as well as
national fact sheet and trends. (Discounts
are available for Center Corporate Partners
and NAWBO members.) For further information,
contact: Center for Women’s Business
Research, 1411 K Street, NW, Suite 1350,
Washington, DC 20005-3407. Phone: 202-638-3060,
ext. 710. Email: info@womensbusinessresearch.org,
Website: www.womensbusinessresearch.org.
###
Center for Women’s Business Research
The Center for Women’s Business Research
turns research into knowledge—the most
up-to-date and comprehensive knowledge about
one of the most dynamic and fastest growing
sectors of the U.S. economy: the 10.4 million
businesses owned by women. Our research enables
America’s top corporations, government
policymakers, associations, and advocacy
organizations to make informed, progressive
decisions about programs and policies designed
to reach and benefit women entrepreneurs.
The Center’s mission is to provide
knowledge that propels the growth of women
business owners and their enterprises by:
setting the national agenda; creating insight
on the status and achievements of women business
owners; altering perceptions about the economic
viability and progress of women-owned enterprises;
and driving awareness of the economic and
social impact of this vital business sector.
Visit us online at www.womensbusinessresearch.org
About OPEN from American Express®
OPEN is the American Express team dedicated
exclusively to the success of small business
owners and their companies. The OPEN Team
supports business owners with unparalleled
service. With tailored Partners and services,
the team delivers purchasing power, flexibility,
control and rewards to help customers run
their business. Specifically, business
owner customers can leverage an enhanced
set of Partners, tools, services and savings,
including charge and credit cards, convenient
access to working capital, robust online
account management capabilities and savings
on business services from an expanded lineup
of partners. To obtain more information
about OPEN, visit www.OPEN.com, or call
1-800-NOW-OPEN to apply for a Card or loan.
Terms and conditions apply.
American Express Company (http://www133.americanexpress.com/osbn/wbi)
is a leading global payments, network and
travel company founded in 1850.
###
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Contact:
Juanita M. Weaver
Director of Media & Strategic Alliances
Center for Women’s Business Research
202-638-3060 x 719
jweaver@womensbusinessresearch.org
Rosa Alfonso
OPEN from American Express®
212-640-1712
Rosa.m.alfonso@aexp.com
Release Date: December 7, 2006
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