Female-owned businesses second in job creation since 2007

women-owned business reportThe 2013 State of Women-Owned Businesses Report found that female-owned businesses come in only behind publicly-traded firms in job creation since 2007, adding 175,000 net jobs compared to a national net decline of 569,000 jobs among privately-held firms.

Since 1997, the number of small businesses owned by minority women has increased 156 percent to 2,677,700, representing one in three female-owned businesses. The number of women-owned businesses increased by 59 percent over the same time period.

Employment and revenue growth, 85 percent and 168 percent respectively, of companies owned by minority women beat out all female-owned firms, which posted 10 percent employment and 63 percent revenue growth respectively.

As of the new year, it is estimated that there are nearly 9 million female-owned businesses in the U.S. that generate $1.3 trillion in revenue and employ 7.8 million people. Between 1997 and this year, the number of female-owned firms grew at 1.5 times the national average, and over the past 16 years, the increase in number, employment and revenues of female-owned firms surpassed the rates of all privately-held firms over the same time period.

Georgia, Texas, North Carolina, Louisiana and Nevada are among the states with the fastest growth of women-owned firms in the past 16 years, while Alaska, West Virginia, Iowa, Ohio and Kansas are among the states with the lowest growth in the number of female-owned firms.

The fastest growth in female-owned businesses in the past 11 years has been seen in education, which is up by 113 percent, administration and waste services, which increased by 58 percent, healthcare and social assistance, which has increased by 45 percent and transportation and warehousing, which has grown by 40 percent.