Number of businesses owned by women of color nearly triples since 1997

Staff writerMay 9, 2014 

Where 1 million women of color owned businesses in the U.S. in 1997, today you can count 2.9 million – or one-in-three women-owned businesses.

According to a survey by American Express released this week, the growth in the number of businesses and their economic clout are “far outpacing that of all women-owned firms.”

Among the 2014 numbers:

• African American women own an estimated 1,237,900 businesses. These businesses employ 2887,000 workers in addition to the owners, and they generate an estimated $49.5 billion in revenue. The greatest number of these businesses are located in New York, followed by Georgia and Texas.

• Latina own an estimated 1,033,100 businesses, employ 433,600 workers and generate $71.1 billion in revenue. The states where Latina owners predominate are California, Texas and Florida.

• Asian American women own an estimated 675,900 businesses that employ 676,000 workers. The businesses generate an estimated $115 billion, and the predominate states are California, New York and Texas.

• Firms owned by Native American or Alaska Native women number 119,000, employ 40,600 workers and generate an estimated $10 billion annually. California, Oklahoma and Texas predominate.

• Native Hawaiian or Pacific Islander women own 20,000 businesses, employ 15,000 workers and generate $1.9 billion. Data are available from three states: Hawaii, California and Florida.

 

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