Connecticut’s women-owned businesses have lost some ground over the past year, but have increased significantly over the past 20 years, according to a new report.
The seventh annual State of Women-Owned Businesses Report, commissioned by American Express OPEN, found that Connecticut had 113,100 women-owned companies in 2017 compared with 72,393 in 1997. Women-owned businesses in the state employ 95,300 – about 200 less than they did in 2016 – and contributed about $16.4 billion in gross domestic product in 2017, 0.9 percent less than last year.
The report ranks Connecticut 43rd in the nation for overall growth in women-owned firms over the past 20 years. Nationally, the number of women-owned firms increased by 114 percent from 1997 to 2017, compared with a 44 percent rise among all businesses. Women-owned businesses presently account for 39 percent of all U.S. companies, while employing just 8 percent of the private sector workforce and contributing 4 percent of total business revenues.
California, Florida, Texas, New York and Georgia have the most women-owned businesses.
The top 10 states where women-owned businesses have most increased their economic clout between 1997 and 2017 are Nevada, District of Columbia, South Dakota, North Dakota, Georgia, Virginia, Utah, Wyoming, Texas and Arizona. The study defined economic clout as the growth in the number of firms and growth in employment and revenues.
The report relies on the U.S. Census Bureau’s survey of business owners and statewide factors in changes in GDP.