New data released by American Express OPEN and Womenable reveals some of the impressive achievements of million-dollar women-owned businesses over the past 10 years. Using U.S. census data, the report was authored by American Express OPEN research advisor Julia Weeks.
Taking a look at million-dollar women-owned firms by industry as reported by this research, wholesale trade is the industry with the largest share of women-owned $10 million+ firms (20%) followed by finance/insurance (12%), transportation/warehousing (11%), and arts/entertainment/recreation (10%).
Some of the key findings in the report include the following growth trends over the past decade:
- The growth in the number of women-owned firms with $10 million or more in revenues has increased by 56.6%, a rate 47% faster than the rate of growth of all $10M+ firms and nearly twice (+98%) the rate of growth of all women-owned firms.
- The number of all women-owned firms has grown by 28.6%, slightly more than the 24.4% increase in all U.S. businesses. Similarly, the number of $1M+ women-owned firms has grown by 30.7%, just over the 28.9% increase in all million-dollar firms. But, at the highest end of sales achievement, the number of $10M+ women-owned firms has grown by 56.6% – fully 47% higher than the 38.4% increase among all $10M+ firms.
- The number of women-owned firms overall has slightly outperformed all U.S. businesses in growth (28.6% versus 24.4% respectively). This trend continues when comparing $1 million women-owned firms to all million-dollar businesses (30.7% versus 28.9% respectively).
The future is bright for women business owners!