Economic Impact of Women-Owned Firms Growing Across the U.S.

As noted in the recent 2016 State of Women-Owned Businesses Report – and in our previous blogpost – women-owned firms are continuing to grow in number and economic clout at rates well above the national average. But where, geographically speaking, are women-owned firms growing? The short answer is: everywhere!

When looking at the growth in the number of women-owned firms as well as growth in revenue and employment (which we call, collectively, growth in economic clout), the 10 fastest-growing states for women-owned firms between 2007 and 2016 are:

  • North Dakota, South Dakota, Texas (all three tied for first)
  • Iowa
  • Indiana, Wyoming (tied for 5th)
  • Georgia, Tennessee (tied for 7th)
  • Utah
  • Maine

These are states in the Northeast, Midwest, South and West.

A look at the top-ranked metropolitan areas for growth in the economic clout of women-owned between 2007 and 2016 paints a slightly different picture. All of the top ten metro areas (listed below) are found east of the Mississippi River – or in Texas! However, most of the 50 most populous metropolitan areas in the country are either east of or on the banks of the Mississippi River.

  • Charlotte NC/SC
  • San Antonio TX
  • Dallas TX
  • Memphis TN/MS/AR
  • Austin TX
  • Indianapolis IN
  • Miami FL
  • Detroit MI
  • Richmond VA
  • Houston TX

Comparing heat maps of the top states and top metro areas for growth in economic clout since 2007 finds that some of the fastest-growing states are those without large cities (such as North and South Dakota, Iowa and Wyoming) and some of the fastest-growing cities (Charlotte, Miami, Detroit) are growing faster than the rest of their states.

This geographic analysis also tells us that things are definitely hopping in Texas – the top-ranked state home to four of the top 10 metro areas. Perhaps everything really is bigger in Texas!

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