Tuesday, January 12, 2016
Black Woman-Owned Businesses Are Highly Concentrated in These 3 States
Between 1997 and 2015, businesses owned by women in the U.S. grew by 74 percent. That is 1.5 times the national average. But the fastest-growing businesses are those owned by black women, and most of these businesses are located in 3 states.
Where black women-owned businesses are located
Since 1997, the number of businesses owned by black women grew 322 percent. Black women control 14 percent of all businesses in the U.S. Where are most of these businesses located? In the states of Georgia, Maryland, and Illinois, according to the U.S. Women’s Chamber of Commerce. Other areas such as Detroit, Michigan, also have seen a significant growth in black women-owned businesses.
#1 - Georgia (mostly in the Atlanta area)
#2 - Maryland (mostly in the Baltimore and the PG County areas)
#3 - Illinois (mostly in the Chicago area)
In total, black women own an an estimated 1.3 million businesses in the U.S. Although companies owned by women employ only 6 percent of the country’s workforce, according to a report from American Express, black woman-owned businesses are, nonetheless, an important part of women-owned firms that have added about 340,000 jobs to the American economy since 2007. Companies owned by men during this time have seen a decline in employment, according to the American Express 2015 State of Women-Owned Businesses Report.
All of this proves that black females are now the fastest growing group of entrepreneurs in the U.S.
Read more at www.fortune.com/2015/06/29/black-women-entrepreneurs/