Center for Women's Business Research Announces Top Ten States and Metro Areas For Women-Owned Businesses

Majority women-owned firms are growing at a rate nearly twice the U.S. average, contribute $1.1 trillion in revenues to the economy and create jobs for 7.2 million Americans. The Center for Women’s Business Research today announced its biennial update of state and metro area figures for women-owned businesses. Drawing on the most recently available U.S. Census data, the research provides the most comprehensive statistical snapshot of today’s 7.7 million majority women-owned firms (firms at least 51% owned by a woman or women). The data released by the Center looks at the impact of these firms in individual states, regions and metropolitan areas. OPEN from American ExpressSM is the exclusive underwriter of the reports, Women-Owned Businesses in 2006: Trends in the U.S. and 50 States and Women-Owned Businesses in 2006: Trends in the Top 50 Metropolitan Areas. "Between 1997 and 2006, the performance of majority women-owned firms outpaced the economy as a whole,” said Marjorie Alfus, chair, Center for Women’s Business Research. "Their growth in sales and employees was modest, 4.4% and 0.4% respectively, but surpassed that of all privately-held firms, which had negative growth (declines of 1% in sales and 1.2% in employees.) Women-owned firms continued growing in number at nearly twice the rate of all firms, 42% compared to 23% for all firms.” The report reveals impressive growth and the substantial economic contributions women entrepreneurs are making across the country. Five of the fastest growing metro areas for majority women-owned firms are in Florida: Fort Lauderdale; West Palm Beach-Boca Raton; Tampa-St. Petersburg; Orlando; and Miami. The other half are geographically diverse: Phoenix; New York; Suffolk-Nassau counties, NY; Atlanta; and Virginia Beach, VA. The top ten states for majority women-owned firms are, in rank order: California, New York, Texas, Florida, Illinois, Pennsylvania, Ohio, New Jersey, Michigan, and Georgia. The rank is based on a combination of the number of firms, sales and employees. The top ten states with the fastest growth rates for majority women-owned firms are: Florida; Arizona; Hawaii; Georgia; New York; Virginia; New Hampshire/New Jersey (tied at 7th); Rhode Island; and Nevada. "Over the past ten years, the number of majority women-owned firms just within the top ten states grew by 64 percent, and the number of these companies with employees increased 17 percent," said Susan Sobbott, president, OPEN from American Express®. "The current and potential impact of women entrepreneurs on their local economies across geographies is profound. Universally, majority women-owned businesses are growing twice as fast as the national average. While big employers today, over time their presence will only increase. OPEN supports their potential through initiatives like the Make Mine a $Million Business movement, which provides tangible mentoring, money and marketing resources to high-potential women innovators who aspire to $1 million in annual revenues.” Between 1997 and 2006, the top ten metro areas based on number of firms, sales and employees for majority women-owned firms are: Los Angeles; New York; Chicago; Washington, DC; Atlanta; Boston; Houston; Philadelphia; Santa Ana-Anaheim; Dallas; and Detroit. For the first time, the Center for Women’s Business Research is also releasing data on women-owned businesses by region, which are based primarily on Census Bureau –defined regions. The South Atlantic Region (FL, GA, NC, SC, VA, and WV) showed across the board growth for majority women-owned firms. Between 1997 and 2006, the 1.3 million firms increased 72% in number, 15% in sales, 15% in employees and firms with employees increased 24%. Figures for minority women-owned businesses will be released in the first quarter of 2007. Publications available on the Center for Women's Business Research's website include tables and fact sheets for the 50 states and the District of Columbia (http://www.womensbusinessresearch.org/states2006); nine regions encompassing the 50 states and the District of Columbia (http://www.womensbusinessresearch.org/regions2006; and the top 50 metropolitan statistical areas (http://www.womensbusinessresearch.org/metros2006). The full reports, Women-Owned Businesses in 2006: Trends in the U.S. and 50 States and Women-Owned Businesses in 2006: Trends in the Top 50 Metropolitan Areas are available from the Center for Women’s Business Research both in print ($190 for each volume) and electronically ($90 for one-time download), and includes fact sheets for each state and metro area as well as national fact sheet and trends. (Discounts are available for Center Corporate Partners and NAWBO members.) For further information, contact: Center for Women’s Business Research, 1411 K Street, NW, Suite 1350, Washington, DC 20005-3407. Phone: 202-638-3060, ext. 710. Email: info@womensbusinessresearch.org, Website: www.womensbusinessresearch.org. Center for Women’s Business Research The Center for Women’s Business Research turns research into knowledge—the most up-to-date and comprehensive knowledge about one of the most dynamic and fastest growing sectors of the U.S. economy: the 10.4 million businesses owned by women. Our research enables America’s top corporations, government policymakers, associations, and advocacy organizations to make informed, progressive decisions about programs and policies designed to reach and benefit women entrepreneurs. The Center’s mission is to provide knowledge that propels the growth of women business owners and their enterprises by: setting the national agenda; creating insight on the status and achievements of women business owners; altering perceptions about the economic viability and progress of women-owned enterprises; and driving awareness of the economic and social impact of this vital business sector. Visit us online at www.womensbusinessresearch.org About OPEN from American Express® OPEN is the American Express team dedicated exclusively to the success of small business owners and their companies. The OPEN Team supports business owners with unparalleled service. With tailored products and services, the team delivers purchasing power, flexibility, control and rewards to help customers run their business. Specifically, business owner customers can leverage an enhanced set of products, tools, services and savings, including charge and credit cards, convenient access to working capital, robust online account management capabilities and savings on business services from an expanded lineup of partners. To obtain more information about OPEN, visit www.OPEN.com, or call 1-800-NOW-OPEN to apply for a Card or loan. Terms and conditions apply. American Express Company (www.americanexpress.com) is a leading global payments, network and travel company founded in 1850.