Women-Owned Businesses Grow

– Women-owned firms continue to grow at twice the rate of all firms, according to the biennial update by the Center for Women’s Business Research.

As of 2006, the Center estimates there are 7.7 million majority women-owned firms (firms at least 51% owned by a woman or women). Between 1997 and 2006 the number of majority women-owned firms increased from 5.4 to 7.7 million, an increase of 42%, almost double that of all firms (23%).

“The number of women-owned firms has grown at around twice the rate of all firms for more than two decades,” said Marjorie Alfus, chair of the Center for Women’s Business Research. “Women business owners are significant players in the nation’s economy and their momentum shows no sign of slowing down.”

The new projections also show that there are 10.4 million businesses 50% or more owned by a woman or women that employ 13 million employees and generate nearly $2 trillion ($1.9) in revenues.

In 2006, majority women-owned firms are expected to generate more than $1 trillion ($1.1) in revenues and employ 7.2 million workers. Nearly three-quarters (74%) of all women-owned firms are majority women-owned.

The fastest growing industry sectors for majority-owned firms (between 1997 and 2006) are wholesale trade (283%), health care services (130%), arts, entertainment and recreation (117%), and professional, scientific and technical services (83%). The largest percentage of majority women-owned firms is in the service sector (69%) followed by retail trade (14%).

The 2006 regional, state and metro updates of women-owned businesses will be released in late fall of this year.

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Center for Women’s Business Research
The Center for Women’s Business Research is the premier source of knowledge about women business owners and their enterprises worldwide. The Center’s mission is to unleash the economic potential of women entrepreneurs by conducting research, sharing information and increasing knowledge about this fast-growing sector of the economy.

Since 1989, the Center has generated research-based intelligence that has helped public and private sector leaders, advocates, and individual women business owners make informed strategic decisions for generating greater business opportunities.

The Center shares its knowledge of the economic and social aspects of women’s entrepreneurship with policymakers, financial institutions, corporate leaders, government agencies, academia, and the media through research reports, press releases, newsletter, publications, seminars, speaking engagements, and worldwide on the Internet at www.womensbusinessresearch.org.