In a new report commissioned by American Express shows women across the state are making a big impact on the Nutmeg economy – but the news isn’t entirely good.
Connecticut has an estimated 112,500 women-owned businesses, employing 95,500 and attributing to roughly $16,496,400,000 according to the eighth annual State of Women-Owned Businesses Report. The Amex report is based on analyzing data from the U.S. Census Bureau’s Survey of Business Owners and factoring in relative changes in Gross Domestic Product (GDP).
The report tracks to 1972, the first time the U.S. Census Bureau provided data on minority- and women-owned businesses.
Nationally, the number of women-owned businesses increased a dramatic 31 times since 1972 --from 402,000 to 12.3 million in 2018. Employment during that time grew 40-fold from 230,000 to 9.2 million, and revenues rose from $8.1 billion to $1.8 trillion¾ 217 times greater.
Connecticut however, is ranked 45th in growth of number of women-owned firms since 2007 with a 20.4% increase, 43rd in growth of jobs created with a 6.1% increase and 44th in growth of firm revenues with a 14.5% increase.
Worse yet, Connecticut ranks 50th in economic clout of women– a ranking of all 50 states (and the District of Columbia) by the combined growth rates of women-owned businesses for number of firms, employment and revenues.
Hartford does somewhat better than the state as a whole, ranked 42nd in growth of number of women-owned firms among the top 50 U.S. metropolitan areas with a 31.5% increase over the past 11 years, 32nd in growth of jobs created with a 20.3% increase and 37th in growth of firm revenues with a 23.6% increase.