Number of Connecticut Women-Owned Businesses Grows
Connecticut women-owned businesses grew by 56% over the last two decades, according to a new report released this week.
The 2017 State of Women-Owned Businesses Report, released by American Express OPEN, ranked Connecticut 43rd in the country for overall growth in women-owned firms over that period.
Connecticut had 113,100 women-owned firms in 2017, compared to 72,393 in 1997.
Those businesses employ 95,300 people and contributed about $16.4 billion to the state’s annual GDP.
Hartford ranked 49th in the growth of number of women-owned firms among the top 50 U.S. metropolitan areas, with a 33% increase over the past 15 years.
The city also ranked 38th in growth of jobs created with an 18% increase, and 31st in growth of firm revenues with a 61% increase over the same period.
These businesses make up just some of the estimated 11.6 million women-owned businesses in the United States that employ nearly 9 million people and generate more than $1.7 trillion in revenues.
Women-Owned Businesses Grow Faster
Nationally, the number of women-owned firms increased by 114% from 1997 to 2017, compared to just 44% for all businesses. The number of U.S. women-owned firms increased by 114%, compared to just 44% for all businesses.
At 27%, the employment growth rate over the past 20 years was also stronger for women-owned businesses than for all firms (13%).
The study also found that the number of firms owned by women of color has grown 467% over the past 20 years.
Half of all women-owned businesses can be found in three industries: other services (23%); healthcare and social assistance (15%); and professional, scientific, and technical services (12%).
The growth rate in the number of women-owned firms increased the most for three industries: construction (15%); arts, entertainment and recreation (12%); and other services (12%)
The report relies on the U.S. Census Bureau's survey of business owners and statewide factors in GDP changes as measured by the U.S. Bureau of Economic Analysis.
The number of U.S. women-owned firms increased by 114%, compared to just 44% for all businesses.
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