Female Entrepreneurs Lead U.S. Business Growth
October 10, 2014
More women are starting real estate companies than ever before.
Since 2002, the number of women-owned real estate firms has exceeded overall growth in the industry by an 11-point gap, bringing the total female-owned real estate companies from 504,014 in 2002 to 712,800 in 2014, according to the Womenable’s 2014 State of Women-Owned Businesses Report, commissioned by American Express OPEN, That’s the widest single-industry margin reported in the survey, which analyzes U.S. Census data.
Women in Real Estate:
Women-owned brokerages have also seen a nearly 30 percent increase in sales since 2002.
“The report clearly shows that women are choosing the path of entrepreneurship at record rates,” said Randi Schochet, Vice President, Brand Strategy and Activation, American Express OPEN.
And the trend transcends real estate, with the report showing that women now start 1,288 (net) new businesses per day in the U.S., which is double the rate from only three years ago. There are now more than 9.1 million women-owned businesses in the U.S., up from 8.6 million in 2013, and these businesses generate more than $1.4 trillion in revenues, employ 7.9 million people, and account for 30 percent of all enterprises, according the report.
“Imagine the economic impact if more of these new ventures were transformed into thriving businesses,” said Schochet.
How are women-owned businesses doing in your state?
Nationally, the number of women-owned companies has increased by 68 percent since 1997 – that’s 1-1/2 times the national average. Focusing on this growing market segment could be a smart move for commercial real estate practitioners in the following five states, which have seen the fastest growth in female-owned business since 1997:
- Georgia: + 118%
- Texas: + 98%
- North Carolina: + 91%
- Nevada: + 91%
- Mississippi: + 81%
The five states with the lowest growth in women-owned firms between 1997 and 2014 are:
- Alaska: + 11%
- West Virginia: + 23%
- Iowa: + 23%
- Kansas: + 30%
- Vermont: +30%
In what cities do women-owned businesses have the most economic clout?
Looking at the 25 largest metropolitan areas in the country, these five cities came out on top with the highest growth in women-owned companies, their revenue, and employment numbers since 2002:
- San Antonio
- Portland, Ore.
Download the full 2014 State of Women-Owned Businesses Report.
Updated: May 20, 2022