Women and Minority Owned Businesses
Census Reports New Statistics on Women-Owned Businesses
By Julie Gerstein
Feb 13, 2006, 13:29

According to new reports from the Census Bureau, women-owned businesses are on the rise. From 1997 to 2002, there was a 20 percent increase in women-owned firms—twice the average rate for all businesses.

All told, according to the 2002 census, there were more than 6.5 million women-owned businesses which generated more than $960 billion in revenue––a 15 percent increase from 1997.

In order to be considered a women-owned business, a company must be 51 percent or more owned by women. In addition to the 6.5 million women-owned firms, there were an additional 2.7 million owned equally by men and women.

The largest sector of women-owned businesses was health care and social assistance related., followed by wholesale and retail trade sectors. Other major women-owned sectors included real estate, administrative and support, and scientific and technical services.

The report also noted that Nevada, Georgia, Florida and New York experienced the most growth in women-owned firms.

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