Top 10 States and Metro Areas for Women-Owned Businesses.

The Center for Women’s Business Research announced its biennial update of state and metro area figures for women-owned businesses. Drawing on the most recently available U.S. Census data, the research projects the numbers to 2006 and provides the most comprehensive statistical snapshot of today’s 7.7 million majority women-owned firms (firms at least 51% owned by a woman or women), as well as businesses that are 50% or more women-owned. The data released by the Center looks at the impact of these firms in individual states, regions and metropolitan areas.

“Between 1997 and 2006, the performance of majority women-owned firms outpaced the economy as a whole,” said Marjorie Alfus, chair, Center for Women’s Business Research. “Their growth in sales and employees was modest, 4.4% and 0.4% respectively, but surpassed that of all privately-held firms, which had negative growth (declines of 1% in sales and 1.2% in employees.) Women-owned firms continued growing in number at nearly twice the rate of all firms, 42% compared to 23% for all firms.”

The report reveals impressive growth and the substantial economic contributions women entrepreneurs are making across the country. Five of the fastest growing metro areas for majority women-owned firms are in Florida: Fort Lauderdale; West Palm Beach-Boca Raton; Tampa-St. Petersburg; Orlando; and Miami. The other half are geographically diverse: Phoenix; New York; Suffolk-Nassau counties, NY; Atlanta; and Virginia Beach, VA.

The top ten states for majority women-owned firms are, in rank order: California, New York, Texas, Florida, Illinois, Pennsylvania, Ohio, New Jersey, Michigan, and Georgia. The rank is based on a combination of the number of firms, sales and employees.

The top ten states with the fastest growth rates for majority women-owned firms are: Florida; Arizona; Hawaii; Georgia; New York; Virginia; New Hampshire/New Jersey (tied at 7th); Rhode Island; and Nevada.

“Over the past ten years, the number of majority women-owned firms just within the top ten states grew by 64 percent, and the number of these companies with employees increased 17 percent,” said Susan Sobbott, president, OPEN from American Express®. “The current and potential impact of women entrepreneurs on their local economies across geographies is profound. Universally, majority women-owned businesses are growing twice as fast as the national average. While big employers today, over time their presence will only increase. OPEN supports their potential through initiatives like the Make Mine a $Million Business movement, which provides tangible mentoring, money and marketing resources to high-potential women innovators who aspire to $1 million in annual revenues.”

Between 1997 and 2006, the top ten metro areas based on number of firms, sales and employees for majority women-owned firms are: Los Angeles; New York; Chicago; Washington, DC; Atlanta; Boston; Houston; Philadelphia; Santa Ana-Anaheim; Dallas; and Detroit.

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