In celebration of Women’s History Month several events occurred this week releasing new reports on women business owners and their impact. Here are some highlights:
First, The National Women’s Business Council released a state by state data sheet from the 2012 Census. Here is a copy of Arizona’s data sheet for your convenience. Click here to download: Women Owned Businesses Census Data Arizona
Some of this data might look familiar, Melissa Kovacs pulled the raw data directly from the census for Empowered PhXX but some of it is new. The most notable:
- The growth in veteran owned, women owned is off the charts, “In 2007, there were 97,114 veteran women owned firms in the U.S., representing 4% of all veteran owned firms. As of 2012, there are now 383,302 veteran women-owned firms, comprising 15% of all veteran-owned firms.”
- AZ had amazing growth in African American women owned growth at 118.8% and Hispanic women owned businesses at 115.4%
They also released their first full report on the 2012 census data and a summary of their key findings:
- Women are entering the ranks of business ownership at record rates. Women are launching a net of more than 1,100 new businesses every single day. Between 2002 and 2012, the number of women-owned firms increased at a rate 2-1/2 times the national average (52% vs. 20%).
- Women-owned businesses comprise 36% of the country’s businesses. They employ over 8 million workers, 7% of the private-sector workforce. They generate over $1.4 trillion in revenues, contributing 4% of business revenues.
- Perhaps the most remarkable trend in the past decade is the phenomenal growth in business ownership among women of color. In 2002, there were less than 1 million minority women-owned firms. As of 2012, there are nearly 3.8 million firms owned by women of color. Between 2002 and 2012, the number of non-minority women-owned businesses grew by just 9 percent, while the number of minority women-owned businesses overall grew by 315 percent.
- There has been a huge increase in the number of female veteran-owned firms too. Between 2007 and 2012, when the number of all veteran-owned businesses increased by 3%, the number of female veteran-owned businesses increased by a phenomenal 295%. There are now more than 383,000 female veteran-owned businesses in the U.S.
- Women-owned businesses are found in every industry. In fact, two percent or more are found in 13 of the 19 major industries – including more than 260,000 women-owned construction firms, more than 200,000 women-owned finance and insurance firms, and nearly 160,000 women-owned transportation and warehousing enterprises.
- The top three sectors in which women own businesses in the U.S. are “other services,” which include nearly 1 million beauty and nail salons; “health care and social assistance,” among which there are more than 600,000 child day care service businesses, and 1.3 million “professional/scientific/technical services” firms.
- Women are starting businesses everywhere. The sharpest rise in the number of firms is happening in the south. The top states for growth are: Georgia (+92 percent), Mississippi (+89 percent), Texas (+85 percent), Florida (+85 percent), and Louisiana (+74 percent), with four out of the five fastest-growing metropolitan areas for women-owned firms also in the South.
- There are 19 states in which post-recession growth in the number of women-owned firms is at least 10 points higher than pre-recession growth – and most are in the North Central or Midwest regions of the U.S. The leading “bounce back” states are Louisiana, Nebraska, Iowa, North Dakota, Indiana, and Mississippi.
Finally, the Arizona Hispanic Chamber of Commerce held their Power of the Purse event where they released a data sheet pulling from the 2012 Census data as well. Download a copy of the sheet here: AZ Hispanic Chamber of Commerce -Power of the Purse
This data sheet includes this persuasive stat that articulates the potential impact of women owned businesses in Arizona:
“If we closed the gap in average receipts per individual business between male and female owned businesses (gender parity) we would add $105.2 billion to our GSP and increase of 33%.”
Previously, Empowered PhXX had calculated the potential impact that gender parity would have on the number of jobs in our state (an additional 91,000 jobs to be precise) over the next 3 years. Having the dollar figure is a great addition to our discussions.
We are currently working on our first action initiative, executing the largest Phoenix women business owner survey and market research study in history. Some of this data will be integrated into our final report. Our goal is to strengthen the impact of this data with actionable recommendations on how to create this change based on actual feedback from women business owners on the challenges in reaching their goals and their experiences within the Phoenix entrepreneurial ecosystem. Our goal is to create a comprehensive report with recommendations on how we can strengthen the ecosystem for female entrepreneurs and create more economic impact.
We have reached out to groups across the country with similar goals to gather best practices. The best example of a research project similar to the one we will be executing occurred in New York last year. Their final report is a great sample of what we are trying to achieve.
We are currently looking for a title sponsor, if you know an organization that would like to build trust with the fastest growing demographic of decision makers in Arizona while making a historic contribution towards strengthening the entire entrepreneurial ecosystem, please let us know!
What data have you seen during Women’s History Month that stands out to you? Let us know! Don’t forget to mark your calendars for our next Empowered PhXX meeting April 8th from 10:00 AM -12:00 PM at ASU Sky Song. Registration opens next week.