Exploring the Rise and Impact of Women-Owned Businesses

On Aug 22, 2018

A report released today by American Express explores the rise of women-owned businesses across the nation since 1972, the year the U.S. Census Bureau began compiling these and related statistics. According to its findings, New Jersey has approximately 279,600 women-owned businesses that employ some 268,600 people and generate an aggregate $57.8 billion in revenue. The state has had a 31 percent increase in women-owned business since 2007.

According to American Express, on a national scale, “The analysis shows that over 48 years, the number of women-owned businesses increased a dramatic 31 times from 402,000 to 12.3 million in 2018. During that time, employment for these firms grew 40-fold from 230,000 to 9.2 million, and revenues rose from $8.1 billion to $1.8 trillion — 217 times greater.”

Referring to the national report, Julie Tomich, SVP, American Express Global Commercial Services, said in a public statement, “This new data demonstrates not only the remarkable impact women entrepreneurs have on our economy when it comes to creating jobs and generating revenue, but also the growing role of women-owned businesses in our communities. Over the past 11 years, we’ve seen women’s entrepreneurship and economic impact increase – especially among the growing number of women-owned companies that generate more than $1 million in revenue.”

New Jersey ranks 41st in the United States for women-owned business growth.

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