In celebration of International Women’s Day on March 8, a new report by Wells Fargo has unveiled that Arizona’s women-owned businesses have emerged as trailblazers, where Phoenix-Mesa-Scottsdale is the fifth best metropolitan statistical area (MSA) nationwide for women-owned businesses.
In fact, the Valley’s flourishing community of women-owned businesses earned a higher ranking for best metro areas for women-owned businesses than some of the largest U.S. metropolitan areas, including New York City, Tampa, Washington, D.C., and Chicago. These findings reflect the ever-growing community of women in Arizona who are actively shaping the local economy as prolific leaders, entrepreneurs and business owners.
Arizona’s women-owned businesses are part of the greater whole of women-owned businesses in America that are undeniably impacting the U.S. economy. The Wells Fargo report highlights the numerous ways women-owned businesses, including those run by women of color, are at the forefront of America’s economy today.
According to the report, the U.S. has a total of 14 million women-owned businesses, of which 40,000 have 50 employees or more. In total, these inspiring establishments make up 39.1% of all U.S. firms and employ 12.2 million people or 9.2% of total U.S. employees. Together, women-owned businesses in America generate $2.7 trillion, which is 5.8% of total firm revenue nationally.
Notably, the growth rates of U.S. women-owned businesses significantly surpassed those of businesses not owned by women during and after the COVID-19 pandemic, with firms owned by women growing by 13.6% and firms not owned by women growing by 7%. Additionally, employment of women-owned businesses during and after the pandemic grew by 12.7%, while employment only grew by 3% in other workforces. During this time, women-owned businesses in America also generated 12.3% more revenue than those not owned by women.
This outstanding impact of women-owned businesses in America is only expected to go up as these businesses expand into more industries and as the social needs for women-owned businesses are met. With the right financial, human and social capital, women-owned businesses have the potential to generate an additional $7.9 trillion in revenue, according to the report.
With a bright path ahead for women-owned businesses in America, there is no doubt of the will, determination and impact that these important establishments demonstrate today.
Read the full report here.
