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Friday, October 16, 2015

This State May Be at the Bottom of the Heap in Growth of Women-Owned Businesses, But Look What They Have Done!

This State May Be at the Bottom of the Heap in Growth of Women-Owned Businesses, But Look What They Have Done!
Phyllis Godwin, CEO, Granite City Electric in Boston, and her two daughters
Someone always has to be at the bottom of the pile when it comes to rankings. But this state, surprisingly, ranked 34th in the nation when it comes to growth of women-owned businesses, according to the latest State of Women-Owned Businesses Report. The state has lagged behind since 1997. Who is it? Massachusetts. But the numbers are deceiving...

Why Massachusetts is so far behind, or are they?

To really understand where the state of Massachusetts is when it comes to women-owned businesses, one has to look at the big picture. For example:

  • Massachusetts ranks 14th in revenue growth from women-owned businesses between 1997 and 2015. This is a 102.9 percent growth rate.
  • Massachusetts ranks 5th in growth of women-owned businesses since the recession, or between 2007-2015. This is a 194 percent growth rate.
  • Boston, Massachusetts, is ranked 7th in growth rate since the recession, with an 88 percent growth rate.
So, is Massachusetts really so far behind? It seems that even though they might be at the bottom of the heap in increase of actual number of firms owned by women, they are definitely making significant progress and contribute well to the state's economy. The state currently has an estimated 212,600 women-owned firms who are employing 180,300 workers.

Read more by visiting www.wbjournal.com/article/20150611/NEWS01/150619982/mass-lags-in-growth-of-women-owned-businesses


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