Update on the State of Women-Owned Businesses

The Center for Women’s Business Research recently testified at a hearing of the Senate Committee on Small Business and Entrepreneurship. On Sept 9, 2008, Executive Direct Sharon Hadaray presented research on the issues faced by women-owned businesses, collected in the Center’s 9th biennial update. The hearing was held on the 20th anniversary of the Women’s Business Ownership Act

The report submitted by the Center revealed a variety of interesting facts. Here’s a brief recap of Center for Women's Business Research[1]some of the highlights.

Statistics Relating to All Business Owned by Women:

· 40% of privately-held firms are owned by women

· 10.1 million firms in the U.S. that are 50% or more     women-owned

· Women-owned firms provided 13 million jobs

· Women-owned business generate nearly $2 trillion in revenues

· Between 1977 and 2002, the number of women-owned businesses increased by 824%.

Statistics Relating to Businesses In Which Women Hold a Majority Interest:

· 7.2 million firms that are majority (51%) owned by a woman,

· These firms provide 7.3 million jobs

· They generate $1.1 trillion in revenues.

Statistics Relating to Businesses Owned by Women of Color:

· 26% of all majority women-owned firms – up from only 20% just a few years ago.

· Women of color are starting businesses at three times the rate of all businesses.

The top industries for women-owned businesses are:

• Health care and social services (16%)

• Administrative support/waste management (15%)

• Professional, scientific and technical services (15%)

• Educational services (13%)

• Transportation and warehousing (9%)

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