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Number of Businesses Owned by Women of Color Soars

Women of Color Business OwnersThe number of businesses owned by women of color has increased rapidly since 1997 when there were just under one million. Today, that number has more than doubled to an estimated 2,934,500 accounting for one in three (32%) of women-owned firms.

While firms owned by women of color are smaller than non-minority women-owned businesses both in terms of average employment and revenues, their growth in number and economic clout is generally far outpacing that of all women-owned firms, according to the 2014 State of Women-Owned Businesses Report, commissioned by American Express OPEN.

Below are highlights from the report around firms owned by women of color:

  • Firms owned by African American women number an estimated 1,237,900 as of 2014. These 1.2 million firms employ more than 287,000 workers in addition to the owner and generate an estimated $49.5 billion in revenue. The greatest number of African American women-owned firms are located in New York (126,800), followed by Georgia (108,900) and Texas (98,800);
  • Firms owned by Latinas number an estimated 1,033,100 as of 2014. These firms employ 433,600 workers in addition to the owner and generate an estimated $71.1 billion in revenue. The greatest numbers of Latina-owned firms are located in California (228,500), followed by Texas (190,000) and Florida (144,600);
  • Firms owned by Asian American women number an estimated 675,900 as of 2014. These firms employ 676,000 workers in addition to the owner and generate an estimated $115 billion in revenue. The greatest numbers of Asian American women-owned firms can be found in California (195,300), New York (70,500) and Texas (64,700);
  • Firms owned by Native American or Alaska Native women number an estimated 119,900 as of 2014. These firms employ 40,600 workers in addition to the owner and generate an estimated $10 billion in revenue. Native American/Alaska Native women-owned firms are not as geographically concentrated as are the other ethnic groups. The greatest numbers of Native American/Alaska Native women-owned firms are located in California (21,400), Oklahoma (9,100) and Texas (8,400);
  • Firms owned by Native Hawaiian or Pacific Islander women number an estimated 20,000 as of 2014. These firms employ more than 15,000 workers in addition to the owner and generate an estimated $1.9 billion in revenue. The number of Native Hawaiian or Pacific Islander women-owned firms remains relatively small, however – less than 1% of women-owned firms are owned by Native Hawaiian or Pacific Islander women. Thus, state-level data can be shared from only three states: Hawaii, where there are an estimated 5,200 such firms; California, home to 4,600 Native Hawaiian/Pacific Islander women-owned firms; and Florida, where there are an estimated 600 firms.

A news release announcing the results of the 2014 State of Women-Owned Businesses Report, commissioned by American Express OPEN is available online here


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