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Women-Owned Business Report 2015
Women-Owned Business Report
2015
ZipBooks commissioned this report in August 2015 in conjunction with the release of the preliminary

ZipBooks commissioned this report in August 2015 in conjunction with the release of the preliminary results from the United States Census Bureau's 2012 Survey of Business Owners (SBO). The 2015 Women-Owned Business Report was published in October 2015. We are proud to offer this report for those interested in the growing success of women-owned businesses in the United States today.

With the most complete information publicly available, we hope to shed light on current state and trends in women-owned businesses. We would like to thank the USCensus Bureau for timely manner in which the delivered this data and their continued effort in providing meaningful data for industry analysts.

manner in which the delivered this data and their continued effort in providing meaningful data for
Table of Contents Introduction 4 Executive summary Women-owned firm and employment growth   5  

Table of Contents

Introduction

4
4

Executive summary Women-owned firm and employment growth

 

5

 

6

Women-owned

business revenue growth business job growth

 

7

Women-owned

 

8

Geographic trends

 

12

Women-owned

businesses

by

race

15

 

Women-owned

businesses

by

ethnicity

 

16

Tables

 

17

by race 15   Women-owned businesses by ethnicity   16 Tables   17
4
4

INTRODUCTION

4 INTRODUCTION ZipBooks is proud to offer this updated report for those interested in the growing

ZipBooks is proud to offer this updated report for those interested in the growing success of women-owned businesses in the United States today. This publication covers similar themes to the 2015 State of Women-Owned Businesses Report published by American Express, although this ZipBooks report accounts for some additional data, presenting a more accurate picture for 2015. For example, the 2012 Census Bureau survey was factored into this report (while it was not incorporated into the American Express report).

it was not incorporated into the American Express report). With current information, we can more precisely

With current information, we can more precisely and accurately present important trends? like the fact that there are actually just over 9.9 million small women-owned businesses in the US currently, rather than American Express?s estimated 9.4 million. But like the American Express report, this ZipBooks publication still reinforces an overall trend we have been seeing? that the number of women-owned firms continues to increase at rates surpassing the national average, and yet those firms are still smaller than the average firm. It is our intention that these updated findings advise business owners, allowing them to make informed decisions that will lead to increasing success in years to come.

advise business owners, allowing them to make informed decisions that will lead to increasing success in
advise business owners, allowing them to make informed decisions that will lead to increasing success in
advise business owners, allowing them to make informed decisions that will lead to increasing success in

Executive Summary

5

Executive Summary 5 As of 2012, the USCensus Bureau calculated that there are just over 9.9
Executive Summary 5 As of 2012, the USCensus Bureau calculated that there are just over 9.9

As of 2012, the USCensus Bureau calculated that there are just over 9.9 million women-owned businesses in the US. Furthermore, these businesses generate more than $1.5 trillion in revenues, employing over 9 million people.

Sources: 1997 (not online), 2002, 2007, 2012, Census Bureau.

Nominal revenue has been adjusted using 2009 chained dollars.

Refer to Appendix Table A : Women-Owned Firms Statistics.

Nominal revenue has been adjusted using 2009 chained dollars. Refer to Appendix Table A : Women-Owned

Women-Owned Firm and Employment Growth

6

Women-Owned Firm and Employment Growth 6 It was possible to make an educated guess about the

It was possible to make an educated guess about the current state of women-owned businesses by combining the 2012 Census data with standard regression analysis. It is now estimated that the total number of women-owned businesses is quickly approaching 12 million? employing 10.5 million employees.

approaching 12 million ? employing 10.5 million employees. Sources: 1997 (not online), 2002 , 2007 ,
approaching 12 million ? employing 10.5 million employees. Sources: 1997 (not online), 2002 , 2007 ,

Sources: 1997 (not online), 2002, 2007, 2012, Census Bureau.

Nominal revenue has been adjusted using 2009 chained dollars.

Refer to Appendix Table A : Women-Owned Firms Statistics.

Nominal revenue has been adjusted using 2009 chained dollars. Refer to Appendix Table A : Women-Owned

Women-Owned Business Revenue Growth

7
7
Women-Owned Business Revenue Growth 7 This same approach was used to estimate the total revenue generated

This same approach was used to estimate the total revenue generated by women-owned businesses in 2015. Based on strong revenue growth from 2007-2012, it is now estimated that women-owned businesses will actually generate $1.86 trillion in revenue.

businesses will actually generate $1.86 trillion in revenue. Sources: 1997 (not online), 2002 , 2007 ,

Sources: 1997 (not online), 2002, 2007, 2012, Census Bureau.

Nominal revenue has been adjusted using 2009 chained dollars.

Refer to Appendix Table A : Women-Owned Firms Statistics.

Nominal revenue has been adjusted using 2009 chained dollars. Refer to Appendix Table A : Women-Owned

Women-Owned Business Revenue Growth

8

Women-Owned Business Revenue Growth 8 This approach was also used to estimate the total revenue generated

This approach was also used to estimate the total revenue generated by women-owned businesses in 2015. Based on strong revenue growth from 2007-2012, it is now estimated that women-owned businesses will actually generate $1.86 trillion in revenue.

businesses will actually generate $1.86 trillion in revenue. Sources: 1997 (not online), 2002 , 2007 ,

Sources: 1997 (not online), 2002, 2007, 2012, Census Bureau.

Nominal revenue has been adjusted using 2009 chained dollars.

Refer to Appendix Table A : Women-Owned Firms Statistics.

Nominal revenue has been adjusted using 2009 chained dollars. Refer to Appendix Table A : Women-Owned

Women-Owned Business Driving Economic Recovery?

9

Women-Owned Business Driving Economic Recovery? 9 These rates surely fit the narrative of what we already
Women-Owned Business Driving Economic Recovery? 9 These rates surely fit the narrative of what we already

These rates surely fit the narrative of what we already know? small business growth is being driven in large part by women-owned businesses. And according to ADP, small businesses have been leading the charge on new job creation.

part by women-owned businesses. And according to ADP, small businesses have been leading the charge on

Women-owned business job growth

10

Using more recent census data from 2012, we can begin to understand how women-owned businesses contribute to job growth. When the overall economy was bleeding jobs, private companies began hiring employees only after 23 straight months of private sector job loss. But during 2007-2012, women-owned payrolls grew by 19.5% (compare this to men-owned payrolls' 11.5% increase). Additionally, women-owned businesses created roughly the same amount of new jobs as men-owned businesses from 1997-2012 (1.9M vs. 2.2M), despite employing less than a fifth as many employees.

despite employing less than a fifth as many employees. Sources: 1997 (not online), 2002 , 2007
despite employing less than a fifth as many employees. Sources: 1997 (not online), 2002 , 2007
despite employing less than a fifth as many employees. Sources: 1997 (not online), 2002 , 2007

Sources: 1997 (not online), 2002, 2007, 2012, Census Bureau.

Refer to Table B: Employee Count.

as many employees. Sources: 1997 (not online), 2002 , 2007 , 2012 , Census Bureau. Refer

Women-owned business reach

Women-owned firms now account for 36% of all enterprises, and they are growing faster in number and employment than most other firms.

faster in number and employment than most other firms. Despite this fact, women-owned firms employ only

Despite this fact, women-owned firms employ only 7.8% of the country?s workforce and contribute just under 5% of business revenues? roughly the same share they contributed in 1997.

revenues? roughly the same share they contributed in 1997. However, women-owned firms contribute 15% of employment
revenues? roughly the same share they contributed in 1997. However, women-owned firms contribute 15% of employment

However, women-owned firms contribute 15% of employment and 11% of revenues when large, publicly-traded firms are excluded.

women-owned firms contribute 15% of employment and 11% of revenues when large, publicly-traded firms are excluded.
women-owned firms contribute 15% of employment and 11% of revenues when large, publicly-traded firms are excluded.

11

women-owned firms contribute 15% of employment and 11% of revenues when large, publicly-traded firms are excluded.
women-owned firms contribute 15% of employment and 11% of revenues when large, publicly-traded firms are excluded.
women-owned firms contribute 15% of employment and 11% of revenues when large, publicly-traded firms are excluded.
women-owned firms contribute 15% of employment and 11% of revenues when large, publicly-traded firms are excluded.

GEOGRAPHICTRENDS

12

GEOGRAPHICTRENDS 1 2 Here are the numbers of female-owned businesses by state in 2012 and 2007.

Here are the numbers of female-owned businesses by state in 2012 and 2007. They have been normalized using the population of the state. See Table C: Growth Rate By State

by state in 2012 and 2007. They have been normalized using the population of the state.
by state in 2012 and 2007. They have been normalized using the population of the state.

Top 10 gainer states by percentage

Top 10 gainer states by percentage 13 State 2007 2012 change Louisiana 830067 1243151 0.497651

13

State

2007

2012

change

Louisiana

830067

1243151

0.497651

Mississippi

488007

724767

0.485157

Texas

5228967

7717118

0.47584

District of Columbia

District of Columbia

156778

227719

0.452493

Florida

4969387

7135946

0.435981

South Dakota

134913

192470

0.426623

Tennessee

1138989

1599791

0.404571

Georgia

2274819

3136638

0.378852

Arizona

1152640

1580774

0.371438

Nevada

528617

723002

0.367724

2274819 3136638 0.378852 Arizona 1152640 1580774 0.371438 Nevada 528617 723002 0.367724

Top 10 loser states by percentage

Top 10 loser states by percentage 14 State 2007 2012 Change Maine 308122 341817 0.109356034 New

14

State

2007

2012

Change

Maine

308122

341817

0.109356034

New Hampshire

280032

315112

0.125271398

Massachusetts

1461031

1669898

0.142958637

Vermont

162784

190415

0.169740269

Pennsylvania

2138966

2523303

0.179683548

Connecticut

760231

899716

0.183477127

West Virginia

265245

317287

0.19620351

Rhode Island

214502

257994

0.202758016

Kansas

528115

637132

0.206426631

Minnesota

1073675

1296657

0.207681095

257994 0.202758016 Kansas 528115 637132 0.206426631 Minnesota 1073675 1296657 0.207681095

15

Women-owned businesses by race USPOPULATION
Women-owned businesses by race
USPOPULATION

Race of Female Owners (Legend is sorted high to low)

15 Women-owned businesses by race USPOPULATION Race of Female Owners (Legend is sorted high to low)

16

Women-owned businesses by ethnicity

16 Women-owned businesses by ethnicity By 2009, the proportion of the female population that was non-Hispanic

By 2009, the proportion of the female population that was non-Hispanic White dropped to 65.2 percent and the proportion that was Hispanic increased to 15.0 percent. This means that Hispanic females own more businesses than demographic breakdown would suggest.

Source?

http://www.mchb.hrsa.gov/whusa11/popchar/pages/102usfp.html

http://www.mchb.hrsa.gov/whusa11/popchar/pages/102usfp.html Ethnicity of Female Owners (Legend is sorted high to low)

Ethnicity of Female Owners (Legend is sorted high to low)

http://www.mchb.hrsa.gov/whusa11/popchar/pages/102usfp.html Ethnicity of Female Owners (Legend is sorted high to low)

Table A : Women-Owned Firms Statistics

17

Table A : Women-Owned Firms Statistics 17 Year # Firms Employment Nominal Revenue ($B) Price Index

Year

# Firms

# Firms

Employment

Nominal Revenue ($B)

Price Index *

Price Index *

Real Revenue ($B)

1997

5.4

7.1

7.1

819

1.281860951

1049

2002

6.5

7.1

7.1

940

1.175932589

1105

2007

7.8

7.5

1196

1.027359507

1228

2012

9.9

9

1616

0.950437318

1535

Source: 1997 -2012, USCensus Bureau

9.9 9 1616 0.950437318 1535 Source: 1997 -2012, USCensus Bureau * Price Index uses 2009 chained

* Price Index uses 2009 chained dollars

9.9 9 1616 0.950437318 1535 Source: 1997 -2012, USCensus Bureau * Price Index uses 2009 chained

Table B: Employee Count

18

Year

All firms

Privately Held

Men-owned

Women-owned

Equally- owned

Publicly-traded

1997

103,359,815

58,901,815

43,532,114

7,076,081

8,284,537

44,458,000

2002

110,766,605

55,234,825

42,428,508

7,141,369

5,664,948

55,398,389

2007

117,310,118

56,626,555

41,051,438

7,520,121

8,054,996

60,683,564

2012

115,249,459

61,844,429

45,768,326

8,982,588

7,093,515

53,405,030*

Source: 1997 -2012, USCensus Bureau

* The 'publicly held and other firms not classifiable by gender, ethnicity, race, and veteran status' category is not included in the preliminary tables. We used all firms' employees minus privately-held firm employees to estimate the number.

in the preliminary tables. We used all firms' employees minus privately-held firm employees to estimate the
in the preliminary tables. We used all firms' employees minus privately-held firm employees to estimate the

Table C: Growth Rate By State

19

State

2007

2012

Florida

0.260419

0.373957

District of Columbia

District of Columbia

0.253268

0.36787

Hawaii

0.257705

0.328555

New York

0.257275

0.324801

Colorado

0.25636

0.320449

Georgia

0.23183

0.319659

California

0.241393

0.318258

Vermont

0.259793

0.30389

Texas

0.204003

0.301076

Maryland

0.241385

0.30095

Montana

0.217071

0.290296

Wyoming

0.221043

0.280496

State

2007

2012

Illinois

0.219034

0.272931

Louisiana

0.181445

0.271741

Nevada

0.194342

0.265807

Oregon

0.218887

0.265803

Alaska

0.19569

0.257435

Maine

0.231925

0.257287

Michigan

0.203836

0.255032

New Mexico

0.205767

0.252989

Massachusetts

0.221134

0.252747

Connecticut

0.211957

0.250847

Tennessee

0.177973

0.249976

New Jersey

0.202481

0.247595

Connecticut 0.211957 0.250847 Tennessee 0.177973 0.249976 New Jersey 0.202481 0.247595

Table C: Growth Rate By State cont'd

20

State

2007

2012

Virginia

0.194675

0.246091

North Carolina

0.189382

0.24568

Rhode Island

0.204162

0.245557

Arizona

0.178225

0.244425

Mississippi

0.163901

0.243418

Minnesota

0.200788

0.242488

North Dakota

0.177594

0.241064

New

0.212498

0.239118

Idaho

0.178428

0.234705

Alabama

0.179416

0.234298

South Dakota

0.16381

0.233696

Nebraska

0.179112

0.233171

State

2007

2012

Washington

0.190842

0.232671

Oklahoma

0.179732

0.23192

South Carolina

0.171524

0.230817

Utah

0.177518

0.225379

Kansas

0.183987

0.221967

Delaware

0.163226

0.219754

Iowa

0.173505

0.21932

Ohio

0.174085

0.217178

Arkansas

0.160083

0.21238

Indiana

0.160535

0.205019

Pennsylvania

0.167842

0.198

0.217178 Arkansas 0.160083 0.21238 Indiana 0.160535 0.205019 Pennsylvania 0.167842 0.198

Table C: Growth Rate By State cont'd

21

Table C: Growth Rate By State cont'd 21 State 2007 2012 Kentucky 0.158494 0.197971 Wisconsin

State

2007

2012

Kentucky

0.158494

0.197971

Wisconsin

0.15849

0.192038

West Virginia

0.142996

0.171053

2012 Kentucky 0.158494 0.197971 Wisconsin 0.15849 0.192038 West Virginia 0.142996 0.171053

Table D: INDUSTRY TRENDS- Top 10 gains in women-owned firms (absolute)

TRENDS- Top 10 gains in women-owned firms (absolute) 22 Other services (except public administration) (605)

22

Other services (except public administration) (605)

2859148

Health care and social assistance

1741665

Administrative and support and waste management and remediation services

1434774

Professional, scientific, and technical services

1096750

Retail trade

627810

Arts, entertainment, and recreation

462695

Educational services

426693

Accommodation and food services

372763

Real estate and rental and leasing

350297

Wholesale trade

133555

Accommodation and food services 372763 Real estate and rental and leasing 350297 Wholesale trade 133555

Table E: INDUSTRY TRENDS- Top 10 gains in women-owned firms (% change)

TRENDS- Top 10 gains in women-owned firms (% change) 23 Agriculture, forestry, fishing and hunting (606)
TRENDS- Top 10 gains in women-owned firms (% change) 23 Agriculture, forestry, fishing and hunting (606)

23

Agriculture, forestry, fishing and hunting (606)

0.76

Other services (except public administration) (609)

0.54

Accommodation and food services

0.470299316

Administrative and support and waste management and remediation services

0.436378866

Educational services

0.382952543

Utilities

0.370935187

Mining, quarrying, and oil and gas extraction

0.364574828

Management of companies and enterprises

Management of companies and enterprises

0.361067504

Health care and social assistance

0.338971819

Arts, entertainment, and recreation

0.305720612

0.361067504 Health care and social assistance 0.338971819 Arts, entertainment, and recreation 0.305720612