Did you know that women-owned businesses in the United States employ 40% more people than the top three employers (McDonald’s, IBM, and Walmart) combined? That’s just one of the statistics from the American Express OPEN State of Women-Owned Businesses Report.
In total, 7.7 million people are employed by women-owned businesses in the United States, which is a 9% increase over the past 15 years. However, that equates to just 6% of total employment.
In terms of the fastest growth states for women-owned businesses and where women-owned businesses experience the most economic clout are District of Columbia, Wyoming, and Nevada are in three-way tie for first place followed by Arizona and North Dakota.
Of course, things are far from perfect for women-owned businesses. As Caitlin Berens of Inc.com points out, “Despite high growth rates, the survey held some less cheery news for female entrepreneurs: Woman-owned businesses only contribute 4% of total U.S. business revenues–$1.3 trillion.”
For more details about the study results and the state of women-owned businesses, check out this infographic.