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.
The state also ranked 30th in the growth of jobs (a 21% increase) and 34th in growth of firm revenues (77%).
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.
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.
The number of U.S. women-owned firms increased by 114%, compared to just 44% for all businesses.
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.