The economic clout of women-owned firms in the U.S. continues to increase, particularly in Riverside, Sacramento and the state of Arizona.
According to the 2015 State of Women-Owned Businesses Report commissioned by American Express and released May 18, Arizona ranked 4th in terms of growth in “combined economic clout” – an average of rankings in growth in the number, revenues and employment of women-owned firms.
Of the top 25 metropolitan areas, Riverside and Sacramento ranked 5th and 7th in their growth in economic strength of women-owned businesses. These areas are serviced by CDC Small Business Finance, which helps women-owned small business expand and create new jobs. CDC has provided women entrepreneurs with over $1.5 billion in financing, leading to the creation of more than 9,000 jobs.
According to the American Express report the greatest number of women-owned firms is found in health care and social assistance (including doctors and dentists, residential care facilities and child care providers) – 53% of firms in this sector are women-owned, compared to 30% of all businesses combined.
The report indicated that in 1997, there were 929,445 firms owned by minority women – 17% of all women-owned firms. That number has jumped to an estimated 3,111,300 in 2015, or 33% of women-owned firms. These 3.1 million multicultural, women-owned firms employ 1.6 million workers and generate an estimated $268 billion in revenues.