2014 State Of Women-owned Businesses Public

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THE 2014 STATE OFWOMEN-OWNEDBUSINESSES REPORTcommissioned by American Express OPENLALA PRESSMABLE LEEMEMBER SINCE 00A SUMMARY OF IMPORTANT TRENDS1997–2014

This report was commissioned by American Express OPEN and published inMarch of 2014. The information contained in this report was prepared fromsources and data that we believe to be reliable, but we make no representationas to its accuracy or completeness and we assume neither responsibility nor liabilityfor any damages of any type resulting from any errors or omissions. The report isprovided solely for informational purposes and is not to be construed as providingadvice, recommendations, endorsements, representations or warranties of anykind whatsoever. Opinions and analysis contained in this report represent theopinions and analysis of Womenable, a research, program and policy developmentconsultancy, and do not necessarily represent the opinions or analysis of AmericanExpress Company or any of its affiliates, subsidiaries or divisions (including, withoutlimitation, American Express OPEN).Our sincere thanks are extended to the Economic Census Branch of the CompanyStatistics Division of the U.S. Census Bureau, which provided invaluable insightsduring the preparation of this analysis.Visit openforum.com/womensbusinessreport

TABLE OF CONTENTSIntroduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Executive Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2National Trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2Geographic Trends. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3Industry Trends. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3Firms Owned by Women of Color . . . . . . . . . . . . . . . . . . . . . . . . . . . 4The Issue of Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5Women-Owned Businesses in the United States in 2014 . . . . . . . . . . . . . 7The Business Census Over Time:Data Improvements, Definitional Changes . . . . . . . . . . . . . . . . . . . . . 11State Trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12Metropolitan Area Trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16Industry Trends. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19In the Spotlight: Firms Owned by Women of Color . . . . . . . . . . . . . . . . 22African American Women-Owned Firms . . . . . . . . . . . . . . . . . . . . . . 23Asian American Women-Owned Firms . . . . . . . . . . . . . . . . . . . . . . . 24Latina-Owned Firms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25Native American/Alaska Native Women-Owned Firms. . . . . . . . . . . . . . 26Native Hawaiian/Pacific Islander Women-Owned Firms . . . . . . . . . . . . . 27Fostering Growth: A Focus on the Size Continuum . . . . . . . . . . . . . . . . 28Growth Along the Employment Size Spectrum . . . . . . . . . . . . . . . . . . 29Growth Along the Revenue Size Spectrum. . . . . . . . . . . . . . . . . . . . . 30Observations: On Moving From Measurement to Action . . . . . . . . . . . . . 32Study Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33Acknowledgements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34Summary Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35

THE STATE OF WOMEN-OWNED BUSINESSES, 2014INTRODUCTIONThis publication marks our fourth annualinvestigation into the state of women-ownedbusinesses in the United States. It providesstakeholders in the women’s enterprise developmentcommunity—policy makers, entrepreneurial supportorganizations, suppliers and customers, and womenbusiness owners themselves—with information andintelligence that can inform their efforts. AmericanExpress OPEN is proud to build upon the growing interestand commentary generated by our previous reports.This current publication reinforces trends we have beenseeing in this and other research—that the numberof women-owned firms continues to increase at ratesexceeding the national average, yet they remain smallerthan the average firm. And since the first annual reportpublished in 2011, we have expanded our analysisto include an investigation into growth trends at themetropolitan area level, new insights on the size of firmswithin industries, an exploration of growth along thebusiness size spectrum, and—last year—the addition ofan analysis of the tremendous growth seen among firmsowned by women of color. New this year: a look at dailybusiness creation rates, comparing rates before andafter the recent recession.AMONG THE MOST IMPORTANTFINDINGS IN THIS REPORT: The current numbers: it is estimated that, as of 2014,there are nearly 9.1 million women-owned enterprises,employing nearly 7.9 million workers and generatingover 1.4 trillion in revenues. Between 1997 and 2014, the number of women-ownedfirms grew at 1½ times the national average. Andrevenue and employment growth among womenowned firms tops that of all other firms—except thelargest, publicly traded corporations.On average over the 1997–2014 period, there has beena net increase of 591 women-owned firms each day—including 714 per day in the years (2002–07) leading upto the recession, 506 per day over the past seven years(2007–14), and fully 1,288 per day over the past year. Since 1997, the growth in the number and economiccontributions of firms owned by women of color isnothing short of remarkable. Comprising just 17%of women-owned firms 17 years ago, firms owned bywomen of color now account for one in three (32%)women-owned firms in the U.S. The states with the fastest growth in the number,employment and revenues of women-owned firmssince 1997 are: North Dakota, the District of Columbia,Nevada, Arizona, Georgia, Wyoming, Virginia,Maryland, Texas, and Utah. The metropolitan areas with the greatest growth inthe number, employment and revenues of womenowned firms since 2002 are: San Antonio, TX; Atlanta,GA; Baltimore, MD; Houston, TX; Portland, OR;Washington, DC; Tampa/St. Petersburg, FL; Seattle,WA; Dallas, TX and Riverside, CA.It is our hope that these up-to-date insights, based uponpublished information from the U.S. Census Bureau,will spark debate and discussion. Further, we expect itwill draw particular attention to the growing diversity inwomen-owned enterprises, both in terms of the sectorsin which they operate AND with respect to the ethnicdiversity of women business owners.Finally, it is our goal to add to the body of knowledge ofwhere growth leads and where it lags, thereby pointingthe way to areas where policy and programmatic supportcan help even more women-owned firms to reach theirfull potential.1

THE STATE OF WOMEN-OWNED BUSINESSES, 2014EXECUTIVE SUMMARYNATIONAL TRENDS As of 2014, it is estimated that there are nearly 9.1million women-owned businesses in the United States,generating over 1.4 trillion in revenues and employingnearly 7.9 million people. Between 1997 and 2014, when the number ofbusinesses in the United States increased by 47%, thenumber of women-owned firms increased by 68%—arate 1½ times the national average. Indeed, the growthin the number (up 68%), employment (up 11%) andrevenues (up 72%) of women-owned firms over the past17 years exceeds the growth rates of all but the largestpublicly traded firms, topping growth rates among allother privately held businesses over this period. Business creation activity typically waxes and wanesdepending on overall economic vitality.1 Over theentire 17-year period from 1997 to 2014, there werean average of 591 new women-owned businessesstarted each day. In the years leading up to the recentrecession, the net daily number of new women-ownedbusinesses rose to 714, but in the years since—from2007–2014—that daily number is a lower 506 newwomen-owned firms. Start-up activity is on the rise,however. The net daily rate of new women-owned firmswas 602 in 2011–12, 744 in 2012–13, and this year isup to an all-time high: an estimated 1,288 new womenowned firms have started each day over the past year.large, publicly traded corporations, combined witha 893,000 decline in employment among smaller,privately held companies. The only bright spot in recent years with respect toprivately held company job growth has been amongwomen-owned firms. They have added an estimated274,000 jobs since 2007. Among men-owned andequally owned firms, employment has declined overthe past seven years. Women-owned firms now account for 30% of allenterprises, and are growing faster in number andemployment than most other firms. Despite this fact,women-owned firms employ only 6% of the country’sworkforce and contribute just under 4% of businessrevenues—roughly the same share they contributed in1997. When large, publicly traded firms are excluded,women-owned firms comprise 31% of of all privatelyheld firms and contribute 14% of employment and 11%of revenues. Combining equally owned firms with women-ownedenterprises finds that these firms number 14.2 millionas of 2014, generate nearly 2.9 trillion in revenues,and employ just over 15.9 million people. Womenowned and equally owned firms together represent47% of U.S. firms and contribute 13% of totalemployment and 8% of firm revenues.21Typically, start-up activity increases in a recession, and declines aslarger firms start hiring again. However, the recession of 2007-08was different—new firm formation declined and is only now pickingback up. See the Bureau of Labor Statistics eurship.htm), a recent report,“The Return of Business Creation,” from the Kauffman Foundation,and a recent article in Forbes tartups-lagging-employment-wont-pick-up/) for adiscussion of this issue.2Changes in the way that equally owned firms have been definedover time guard against an accurate reporting of trends in thegrowth of women-owned and equally owned firms over time. Private sector employment has started to pick up,but at a rate half that of pre-recession levels. Whereare new jobs coming from? Overwhelmingly frompublicly traded companies. Over the past seven years,the overall increase of 8.3 million (net) new jobs iscomprised of a 9.2 million increase in employment in2

THE STATE OF WOMEN-OWNED BUSINESSES, 2014and social assistance (53% of firms in this sector arewomen-owned, compared to a 30% share overall),educational services (45%), other services (42%), andadministrative support and waste management services(37%). The industries with the lowest concentrationof women-owned firms (in industries contributing 2%or more of the business population) are construction(where just 7% of firms are women-owned),transportation and warehousing (11%), wholesaletrade (19%) and finance and insurance (20%). All otherindustries are close to the 30% share in all industries,again illustrating that women-owned firms are staking aclaim in all sectors of the U.S. economy.GEOGRAPHIC TRENDS Nationally, the number of women-owned firms hasincreased by 68% since 1997. The states with thefastest growth in the number of women-owned firmsover the past 17 years are Georgia (up 118%), Texas(98%), North Carolina (91%), Nevada (91%) andMississippi (81%). The states with the lowest growthin the number of women-owned firms between 1997and 2014 are Alaska (11%), West Virginia (23%), Iowa(23%), Kansas (30%) and Vermont (30%). In terms of growth in combined economic clout,however—meaning averaging together the rankings ingrowth in the number, revenues and employment ofwomen-owned firms—the states in which all of thesemeasures combined place women-owned firms in amuch-better-than-average position over the 1997 to2014 period are North Dakota, the District of Columbia,Nevada, Arizona and Georgia. The five states at thebottom of the combined economic clout ranking areIowa, Vermont, Rhode Island, Ohio and Maine. Looking at the distribution of women-owned firmsby industry sector finds that the greatest number ofwomen-owned firms is found in health care and socialassistance, including doctors and dentists, residentialcare facilities and child care providers. Seventeenpercent of women-owned firms own businesses in thissector. Other top sectors for women-owned firms includeother services, with 16% of women-owned firms in thatgrouping; professional/scientific/technical services(including attorneys, accountants, public relationsand human resources/organizational developmentconsulting), 13%; retail trade, 10%; and administrativesupport and waste management services, 10%.Together, these five sectors account for two-thirds of allof the women-owned firms in the country. Looking at the top 25 most populous metropolitanareas finds the greatest number of women-ownedbusinesses to be located in New York, NY/NJ with665,700 women-owned firms as of 2014; Los Angeles,CA with 427,800; Chicago, IL with 308,700; Miami,FL with 242,600; and Washington, DC/MD/VA with206,400. Averaging together the 12-year growth rankings3 in The fastest growth in the number of women-ownedfirms over the past 12 years4 has been in educationservices (up 128%), administration and waste services(up 60%), arts/entertainment/recreation (up 47%),and health care and social assistance (up 44%).Comparing the growth in the number of women-ownedfirms to that of all firms in each industry sector sincethe number, revenue and employment of womenowned firms in the 25 largest metropolitan areas in thecountry—to look at combined economic clout—findsthat San Antonio, TX; Atlanta, GA; Baltimore, MD;Houston, TX; and Portland, OR are the top-rankedmetro areas in terms of the growth in the economicstrength of women-owned businesses.3The boundaries of metropolitan areas were changed after the 2000Census, thus metropolitan area trends can only be analyzed backas far as the 2002 Economic Census.4Unlike the other national- and state-level trends reported in thispublication, which go back to 1997, industry trends can only bereported as far back as the 2002 Census due to changes in industryclassification between 1997 and 2002 (from SIC Codes toNAICS codes).INDUSTRY TRENDS Women-owned firms continue to diversify intoall industries. The industries with the highestconcentration of women-owned firms are health care3

THE STATE OF WOMEN-OWNED BUSINESSES, 20142002 finds that women-owned firms are exceedingoverall sector growth rates in eight of the 13 mostpopulous industries, and match sector growth in threeothers—meaning that the growth in the number ofwomen-owned firms lags sector averages only in retailtrade and educational services.5In order from widest to narrowest growth gap, theindustries in which growth in the number of womenowned firms leads that of their sector peers areother services (up 43% among women-owned firmscompared to 30% growth overall in the sector, for a13-point gap), real estate (11-point gap), wholesaletrade (10-point gap), and finance and insurance(6-point gap). How are women-owned firms doing with respect toeconomic clout across industries? This year’s analysiscontinues the investigation into the share of womenowned and all firms in each industry that are “higheconomic impact,” meaning that they are generating 500,000 or more in annual revenues. Overall, just9% of all firms in the country meet that criterion, asdo just 4% of women-owned firms. Relative to theoverall 4% of women-owned firms surpassing the 500,000 revenue mark, women-owned firms in threeindustries—wholesale trade (19%), construction (12%),and accommodation and food services (11%) are thosemost likely to be making a high economic impact. Compared to their peers, a look at the share ofwomen-owned and all firms with the highest economicimpact finds that women-owned firms are standingtoe-to-toe with their industry peers in two industries:construction, where 12% of women-owned firms and11% of all construction firms are pulling in 500,000 per year; and in transportation and warehousing,where 6% of each are generating 500,000 or morein revenues.5Six industry groups, comprising 2% or less of the businesspopulation, are excluded from this analysis, but are included in theSummary Tables at the back of this report.FIRMS OWNED BY WOMEN OF COLOR In 1997, there were just under 1 million (929,445)firms owned by women of color, accounting for onein six (17%) women-owned firms. That number hasskyrocketed to an estimated 2,934,500 as of 2014, nowcomprising one in three (32%) women-owned firms. Firms owned by African American women numberan estimated 1,237,900 as of 2014. These 1.2 millionfirms employ 287,100 workers in addition to theowner and generate an estimated 49.5 billion inrevenue. African American women own fully 49% ofall African American-owned firms, employ 28% ofthe workers employed by African American-ownedfirms, and contribute 29% of the revenue generatedby African American-owned businesses. While AfricanAmerican women comprise 14% of all women-ownedfirms nationally, African American women comprise agreater than average share of all women-owned firmsin Georgia (34%), Maryland (32%), and Illinois (22%). Firms owned by Latinas number an estimated1,033,100 as of 2014. These firms employ 433,600workers in addition to the owner and generate anestimated 71.1 billion in revenue. Latina womenown 36% of all Latino-owned firms, employ 20% ofthe workers employed by Latino-owned firms, andcontribute 16% of the revenue generated by Latinoowned businesses. While 11% of women-owned firmsare owned by Latinas nationally, Latinas comprisethe greatest share of all women-owned firms inNew Mexico (29%), Texas (25%), Florida (24%) andCalifornia (20%). Firms owned by Asian American women number anestimated 675,900 as of 2014. These firms employ699,200 workers in addition to the owner andgenerate an estimated 115 billion in revenue. AsianAmerican women own 35% of all Asian Americanowned firms, employ 22% of the workers employedby Asian American-owned firms, and contribute 19%of the revenue generated by Asian American-ownedbusinesses. While Asian American women own 7%4

THE STATE OF WOMEN-OWNED BUSINESSES, 2014of women-owned firms nationally, a greater thanaverage share of Asian American women-owned firms(compared to all women-owned firms in the state) canbe found in Hawaii (55%), California (18%), New Jersey(11%) and New York (10%). Firms owned by Native American or Alaska Nativewomen number an estimated 119,900 as of 2014.These firms employ 40,600 workers in addition tothe owner and generate an estimated 10 billion inrevenue. Native American/Alaska Native women own47% of all Native American/Alaska Native-ownedfirms, employ 33% of the workers, and contribute 29%of the revenue generated by Native American/AlaskaNative-owned businesses. While Native American/Alaska Native women comprise just 1% of womenowned firms nationally, that share rises to 10% inOklahoma, 9% in New Mexico and 3% in Arizona. Firms owned by Native Hawaiian or Pacific Islanderwomen number an estimated 20,000 as of 2014.These firms employ 15,200 workers in addition tothe owner and generate an estimated 1.9 billion inrevenue. Native Hawaiian/Pacific Islander women own42% of all Native Hawaiian/Pacific Islander-ownedfirms, employ 38% of the workers, and contribute 26%of the revenue generated by Native Hawaiian/PacificIslander owned businesses. Native Hawaiian/PacificIslander women-owned firms comprise less than 1%of the women-owned business population nationally.In Hawaii, however, 12% of women-owned firms aremajority-owned by Native Hawaiians or natives of otherPacific Islands. While firms owned by women of color are smaller thannon-minority women-owned businesses both in termsof average employment and revenues, their growth innumber and economic clout is generally far outpacingthat of all women-owned firms. Indeed, the growth inthe number of African American (up 296% from

of women-owned firms 17 years ago, firms owned by women of color now account for one in three (32%) women-owned firms in the U.S. The states with the fastest growth in the number, employment and revenues of women-owned firms since 1997 are: North Dakota, the District of Columbia, Neva

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