In Business / September 2006
Women's Business
Women-owned firms increased nearly 20 percent over the latest period studied, according to a report released by the Office of Advocacy of the U.S. Small Business Administration. The Office of Advocacy examines the role and status of small business in the economy and independently represents the views of small business to federal agencies, Congress, and the President.
The report, Women in Business: A Demographic Review of Women’s Business Ownership, written by the senior economist of the Office of Advocacy, noted that during the five years between 1997 and 2002, women-owned firms grew by well over 19 percent while all U.S. firms grew by just seven percent.
The report uses newly released U.S. Census and other data to describe women’s contributions to the economy. Statistics documented in the report include that, in 2002, women owned 6.5 million or 28.2 percent of nonfarm U.S. firms. More than 14 percent of the women-owned firms were employers, with 7.1 million workers and $173.7 billion in annual payroll.
Women-owned firms accounted for 6.5 percent of total employment in U.S. firms in 2002 and 4.2 percent of total receipts. Of all women business owners in 2002, almost 86 percent were white, more than 8 percent African-American, over 8 percent of Hispanic heritage, over 5 percent Asian, over 1 percent American Indian and Alaska Native.
According to 2002 data, significant proportions of women-owned businesses were in professional, scientific, and technical services, and in health care and social assistance.
For more information and a complete copy of the report, visit the Office of Advocacy website at www.sba.gov/advo or call (202) 205-6533
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