05 Mar Women-owned businesses make up almost 40% of US total

Posted at 12:15h in URP News by

Women-owned businesses continue to fuel the economy, representing 39.1% of all businesses — over 14 million — employing 12.2 million workers, and generating $2.7 trillion in revenue. According to the 2024 Wells Fargo Impact of Women-Owned Business Report, in partnership with Ventureneer, CoreWoman, and Women Impacting Public Policy (WIPP), the number of women-owned businesses between 2019 and 2023 increased at nearly double the rate of those owned by men; and from 2022 to 2023, the rate of growth increased to 4.5 times.

Key findings include:

  • During the onset of the pandemic in 2020, despite business closures, women launched more businesses than they closed, grew their workforces, and increased their revenue, while the number of men-owned businesses declined, and their workforce and revenue numbers shrank.
  • From 2019 to 2023, women-owned businesses’ growth rate outpaced the rate of men’s by 94.3% for number of firms, 252.8% for employment, and 82.0% for revenue.
  • During the pandemic, women-owned businesses added 1.4 million jobs and $579.6 billion in revenue to the economy.
  • Nearly half a million women-owned businesses with revenues between $250,000 and $999,999 grew their aggregate revenues by about 30%.
  • Between 2019 and 2023, Black/African American and Hispanic/Latino women-owned businesses increased at a much higher rate than all women-owned businesses.
  • In that same time period, Black/African American women-owned businesses and Hispanic/Latino women-owned businesses saw average revenues increase 32.7% and 17.1%, respectively, compared to all women-owned businesses’ 12.1% rise.
  • Women-owned businesses with 50 or more employees account for nearly half of women-owned businesses’ employment and revenues and average $31.8 million in revenue, generating $1.3 trillion in aggregate revenue. If they achieved the average revenue of men-owned businesses with 50 or more employees, they would add $1.2 trillion in revenue to the U.S. economy.

 

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