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WOMEN BUSINESS OWNERS


New Census Data Reinforces the Economic Power of Women-Owned Businesses in the U.S.


nformation from the U. S. Census Bu- reau from the 2007 Survey of Business Owners (SBO) shows an increase of 20.1 percent in women-owned businesses since 2002, accounting for 7.8 million non-farm U. S. businesses. In 2007, women-owned firms held 28.7 percent of all non-farm businesses in the United States, 6.4 per- cent of total employment and 4.0 percent of total receipts. The SBO Survey defines women-owned businesses as firms in which women own 51 percent or more of the stock or equity of the business. A 2010 Member Survey by the Nation-


I


al Association of Women Business Own- ers (NAWBO) indicates the trend will continue, not only in women starting new businesses, but also in the growth and ex- pansion of existing businesses. The NAW- BO survey shows 34 percent of members expected to hire new workers and 21 per- cent planned to increase capital invest- ment in 2010. This is good news for the women’s


business community and the economy at large. “In the past decade, the number of privately owned companies started by women in America has increased twice as fast as the number owned by men,” said NAWBO President and CEO Helen Han. “Even in the current business landscape where all businesses are forced to do more with less, and for less, women business owners are holding their own and contrib- uting significantly to the overall econo- my.”


NAWBO believes there are many rea-


sons for the success of women-owned businesses. “Women business owners are often very resilient because of the chal- lenges they face in starting and growing their businesses,” said NAWBO Chair Kelly Scanlon. “Women also have a natu- ral aptitude for business marketing and tend to be more creative and grassroots in


66 PROFESSIONAL WOMAN’S MULTICULTURAL MAGAZINE


their campaigns—all key to helping them thrive.” Other notable highlights of the SBO survey include: n In 2007, 31.9 percent of women-


owned firms operated in the repair, main- tenance, personal and laundry services industries and the health care and social assistance industries. Women-owned firms accounted for 45.2 percent of all U.S. businesses in these industries. Wholesale trade and retail trade accounted for 36.2 percent of women-owned busi- ness revenue. n California had the most women-


owned firms at 1 million (13.3 percent of all such firms), with receipts of $181.5 billion (15.2 percent of all women-owned


CELEBRATING 10 YEARS OF DIVERSITY


firm receipts). Texas was second with 610,279 women-owned firms or 7.8 per- cent, with receipts of $96.8 billion or 8.1 percent. New York followed, accounting for 7.6 percent of all women-owned firms, and 7.1 percent of receipts. n In 2007, there were 911,285 women-


owned employer firms. These firms em- ployed 7.6 million persons with a total payroll of $218.1 billion, an increase of 6.2 percent and 25.7 percent respectively from 2002. In 2007, these firms generated $1.0 trillion in receipts, an increase of 25.9 percent.


For the complete release of data, go to http://www.census.gov/econ/sbo/. Source: NAWBO


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