Arizona has an estimated 202,900 women-owned businesses, employing 147,900 and attributing to more than $24 billion according to the seventh annual State of Women-Owned Businesses Report, commissioned by American Express OPEN, a comprehensive report released today, analyzing data from the U.S. Census Bureau’s Survey of Business Owners and factoring in relative changes in Gross Domestic Product (GDP).
The unique analysis, reported by industry, revenue and employment size at the national, state and top 50 metro levels, shares a new and nuanced investigation into the growth trends over the past 20 years among the 11.6 million women-owned enterprises which employ nearly 9 million people and generate more than $1.7 trillion in revenues.
Nationally, the number of women-owned firms increased by 114% from 1997 to 2017, compared to just a 44% increase among all businesses. Therefore, over the past 20 years, the number of women-owned firms has grown at a rate of 2.5 times faster than the national average.
Arizona is ranked 10th in growth of number of women-owned firms over the past 20 years with a 128.6% increase, 14th in growth of jobs created with a 45.6% increase and 18th in growth of firm revenues with a 112.6% increase.
Phoenix is ranked 21st in growth of number of women-owned firms among the top 50 U.S. metropolitan areas with a 95.2% increase over the past 15 years, 39th in growth of jobs created with a 18.2% increase and 34th in growth of firm revenues with a 54.6% increase.