.AmericanExpress's new study found that minority women are starting firms at more than double the pace of female businesses overall – and at almost five times the pace when compared with all companies. Let's hear it for progress 👊 Via YahooFinance
THE NINTH ANNUAL STATE OF WOMEN-OWNED BUSINESSES REPORT FINDS FIRMS OWNED BY WOMEN OF COLOR GREW AT MORE THAN DOUBLE THE RATE OF ALL WOMEN-OWNED BUSINESSES
“The face of entrepreneurship is evolving to include all women, regardless of demographics. Even more impressive is that women are starting businesses on their own terms – whether it be their full-time focus or a part time activity,” said Courtney Kelso, Senior Vice President of American Express. “The economic impact of women-owned businesses is undeniable, from the trillions they contribute via revenue to the millions of jobs they provide.
As of 2019, women of color account for 50% of all women-owned businesses. An estimated 6.4 million women of color-owned businesses employ nearly 2.4 million people and generate $422.5 billion in revenue. But, even as new minority-owned businesses are opening, the revenue disparity is increasing. In 2014, minority-owned businesses averaged $67,800 in revenue; by 2019 the average had dropped to $65,800, a decline of 3%.
The states showing the highest employment vitality - a measure of employment growth rate from 2014 to 2019 at women-owned firms and their average number of employees are:Explore the full 2019 State of Women-Owned Businesses Report, here.This 2019 State of Women-Owned Businesses Report, commissioned by American Express is based on data from the United States Census Bureau Survey of Business Owners , which is conducted every year in years ending in two and seven.
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