Women own more than 1.5 Million California businesses, study finds
NEW YORK CITY, N.Y.
November 8, 2017
• Have more than 1 Million employees
• “The amount of female-owned businesses in the U.S. has more than doubled in twenty years”
California has an estimated 1,551,000 women-owned businesses, employing 1,079,200 and attributing to roughly $225,481,200,000 to the economy, according to the seventh annual “State of Women-Owned Businesses Report,” commissioned by American Express.
California is ranked 11th in growth of number of women-owned firms over the past 20 years with a 121.4 percent increase, 33rd in growth of jobs created with a 15.7 percent increase and 30th in growth of firm revenues with a 86.1 percent increase.
The report uses data from the U.S. Census Bureau’s Survey of Business Owners, factoring in relative changes in Gross Domestic Product.
Nationally, the report says, there are some 11.6 million women-owned enterprises that employ nearly 9 million people and generate more than $1.7 trillion in revenues.
Nationally, the number of women-owned firms increased by 114 percent from 1997 to 2017, compared to just a 44 percent increase among all businesses. Therefore, over the past 20 years, the number of women-owned firms has grown at a rate of 2.5 times faster than the national average.
“We're encouraged to see the amount of female-owned businesses in the U.S. has more than doubled in twenty years,” says Susan Sobbott, president of American Express Global Commercial Payments.