NJ Ranks Second for Successful Women Business Owners

On Aug 29, 2024

According to the U.S. Census, the number of women who own their own business in the U.S. has grown 16% over the last five years, doubling the growth rate of male-owned businesses at just 8%.

A new study from Osum, an AI-powered market research tool, has placed New Jersey second in their ranking of the states with the most successful female business owners.

The study used several different metrics from U.S. Census data to determine the final rankings. It also examined popular industries among female business owners as well as the earnings disparity between male and female entrepreneurs.
Key findings include:
New Jersey ranks second as the state with the most successful female business owners. Connecticut took the top spot, and Nevada ranked third. Iowa, South Dakota, and Maine have seen the least success among female entrepreneurs.

New Jersey has the second highest percentage of female business owners earning over $100,000 at 14.5%, surpassed only by the District of Columbia. Average pay is also high at $63,686, and the number of female business owners has grown at a rate of 25%.

Within New Jersey, the most popular businesses among females are real estate, childcare, and consulting services. The least popular businesses are fishing and hunting, security services, and power generation.

The highest earning female-owned businesses in New Jersey are in scientific services, books stores, and shoe stores.

Male business owners earn an average of $40,107 per year more than female business owners in New Jersey, but there are several industries where females out earn their male counterparts, including clothing stores and automotive rental.

Four key metrics were considered for the rankings: average earnings of female-owned businesses, percentage of female business owners earning over $100,000, growth rate of female-owned businesses, and the earnings disparity between male and female-owned businesses.

Full Data

Here is the full data for the top 10 most successful states for your reference:

State	5 Year % Growth In The Number Of Female Business Owners	Average Earnings For Female Business Owners	% Of Female Business Owners Who Earn More Than $100,000	Difference In Earnings Between Male And Female Business Owners	Score
Connecticut	19.8%	$72,222	12.9%	$38,479	73.1
New Jersey	25.0%	$63,686	14.5%	$40,107	66.0
Nevada	30.3%	$60,313	13.7%	$28,867	65.8
California	6.1%	$65,698	13.7%	$32,472	65.7
Massachusetts	16.8%	$65,006	14.4%	$43,221	64.5
District of Columbia	3.0%	$66,412	19.1%	$64,767	64.3
New York	10.9%	$63,415	12.8%	$28,659	63.4
Alaska	2.6%	$69,354	10.9%	$35,560	62.3
North Dakota	30.5%	$57,937	13.4%	$32,441	60.7
Arizona	19.6%	$60,132	12.1%	$27,471	60.2

For more details check out the full report including an interactive map and earning and industry data tables here: https://osum.com/resources/female-business-owners-statistics

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