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 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%)