Interesting food for thought for women business owners, entrepreneurs and women in business in the Greater Baltimore and Maryland region.
Maryland overall has an estimated 194,900 (88,800 in Baltimore) women-owned firms, employing 175,900 (82,900 in Baltimore) and attributing to roughly $26 billion ($12 billion in Baltimore) according to the State of Women-Owned Businesses Report, commissioned by American Express OPEN, a comprehensive study released today analyzing data from the U.S. Census Bureau.
Similar to the first report released this time last year, the unique analysis, reported by industry, revenue and employment size at the national, state and top 25 metropolitan levels, shares a new and nuanced investigation into the growth trends among the 8.3 million women-owned enterprises over the past 15 years.
Nationally, the number of women-owned businesses has increased by 54% since 1997. Maryland is ranked 8th (68.3%) in growth of number of firms over the past 15 years and 21st (73.3%) in growth of firm revenue between 1997 and 2012.
Out of the top 25 metropolitan areas, Baltimore is one of five cities to see the greatest growth in the number of women-owned firms between 2002 and 2012. Baltimore, ranked 13rd, outpaces Maryland’s #8 ranking with respect to the growth in the number of women-owned firms reveals that economic condition in top cities can buck overall state trends.
We will be following up these findings with a special radio show next week – stay tuned!