DC #1 – Maryland #7 for women owned businesses on Amex report
In terms of growth and numbers DC ranks #1 – and Maryland is not too far behind with a #7 ranking when it comes to women-owned businesses, one has to wonder if this is due to the fact several women owned firms play in the government contracting arena, does Maryland’s proximity to the District play a role in the favorable ranking?
Using data from their newly released second annual “State of Women-Owned Businesses” report, American Express OPEN shows how women in business are Powering Tomorrow in this tough economic climate through a series of infographic. The images – like the one to your left – highlight key findings in the report in an effort to “ignite pride and conversation within the community,” writes Allison Silver, Vice President of Brand, Advertising & Advocacy for American Express OPEN.
The report shows that women-owned businesses have experienced a massive surge in growth over the last 15 years– “1.5 times greater than their other business counterparts,” they report. As stated Maryland ranks # 7 on the list of top ten states for women-owned firms in terms of growth in numbers and economic clout, neighboring DC ranks #1 and Florida is #10.
Today on MyCity4HerRadio we’ll be talking with special guest Veronica Cool – Chairwoman of the Maryland Hispanic Chamber and Senior Vice President, Business Banking at Wells Fargo to explore the story more. Listen live at 10:30 EST to MyCity4HerRadio and hear what’s behind this trend.
What are those states doing that others aren’t? Do they have particularly innovative programs or resources for women business owners, or are those states just populated with more entrepreneurial women? It’s a question worth asking…we’ll be researching it for you.
While women are rapidly creating new businesses, the report finds that some are experiencing growing pains around a certain employee and revenue count, specifically the 5-to-9 employee and $250,000-to-$499,999 levels. “From 1997 to 2002 and from 2007 to 2012, the overall growth rates of women-owned businesses dip at these employee and revenue points. In addition, even though 29 percent of businesses are women-owned, overall those businesses contribute only 4 percent to revenue and 6 percent to employment in the U.S. So while there is much success and progress to be proud of, there is still more we can all do to support today’s women business owners.”
Along with sharing new infographics during the 4 week-long series, Amex OPEN will spotlight the stories of some notable women in business and publish articles covering growth, economic impact and challenges to celebrate and encourage women in the small-business world.
For more information on the “Celebrating Women Business Owners” series by American Express OPEN, read on for more details here.
To view the complete report click here.