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Thursday, June 26, 2014

Cities With the Highest and Lowest Number of Firms Owned By Women of Color

Every year for the past four years, American Express OPEN publishes a report about women entrepreneurs in the U.S. It's called the Annual State of Women-Owned Businesses Report which compares how women-owned businesses are faring in different states and metropolitan areas. The good news is that the numbers keep going in the right direction -- UP!

What the 2014 Report shows

As of 2014, the number of women-owned businesses have increased at a rate that is 1.5 times the national average growth rate for businesses over the past 17 years. The number of women-owned businesses in the U.S. increased from 8.6 million in 2013 to 9.1 million in 2014. Since 1997, their businesses have increased by 68 percent, their revenues have grown 72 percent, and they have increased jobs by 11 percent.

Greatest increase is by women of color

But the greatest growth has been among women of color. From 1997 to 2014, the number of firms owned by women of color has increased by a phenomenal 216 percent.

States with the fastest growth rate by women of color:
1. Georgia - 118 percent
2. Texas - 98 percent
3. North Carolina - 91 percent
4. Nevada - 91 percent
5. Mississippi - 81 percent

States with the lowest growth rate by women of color:
1. Vermont - 30 percent
2. Kansas - 30 percent
3. Iowa - 23 percent
4. West Virginia - 23 percent
5. Alaska - 11 percent

The numbers reflect data from American Express OPEN over the period from 1997 to 2014.
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