Leadership, Ladies, and Lists: Georgia Ranked First in States with Fastest Growth in Number of Women-owned Firms

April 2, 2014 15:10 pm

by Scarlet Hawk · 2 comments

So if you didn’t read it in the daily, Georgia has been ranked as the first state in the nation with the fastest growth of women-owned firms AND the state also leads in share of businesses owned by African-Americans.  Governor Deal would like to take the credit for that, even though the years span from 1997-2014.  I don’t blame him.  He needs the votes of the fastest growing voting bloc in the state.  The deets are below the fold.  

Deal Real
In Case You Missed It

Study: Georgia leads nation in growth of women-owned firms

 

NOTE: Gov. Nathan Deal’s pro-growth policies continue to make Georgia the best place in the nation in which to do business, and this recent study shows the leadership our women-owned businesses are providing. By reforming our tax code, reducing burdensome regulations, and recruiting businesses to relocate or expand here, Deal has helped to create more than 235,000 jobs.

 

AJC: Georgia leads the nation in the growth of women-owned companies, according to a new report by American Express OPEN, a payment card issuer for small businesses.

 

The state also leads in share of businesses owned by African-Americans.

 

Georgia currently has an estimated 317,200 women-owned companies, up 118 percent since 1997, according to the 2014 State of Women-Owned Businesses Report. The companies employ 240,200 workers, up 26 percent, and have combined sales of about $45.6 billion, up 80 percent. Two-thirds of state’s women-owned companies (202,400) are in metro Atlanta, which has seen a 63 percent increase since 1997.

 

The report, conducted by Womenable, a research firm and consultancy, is based on projected business data from the U.S. Census Bureau. The study found that nationally, women are starting 1,288 net new businesses every day, double the rate from three years ago.

Nancy Chorpenning, managing director at C-Suite Advisors LLC, an Atlanta small business consultancy, said there are myriad sources of support for women-owned businesses locally, one of the “good signs” for continued growth in the number of women-owned firms.

“Women tend to help one another and work especially well networking and giving back in mentoring relationships,” Chorpenning said.

 

The number of minority women-owned companies nationally rose 216 percent during the period to an estimated 2.9 million, compared with 68 percent for all women-owned firms in the same period. Other findings:

  • Georgia has the second-largest number of African-American women-owned companies (108,900, up 430 percent) after New York.
  • The number of Latino women-owned businesses in Georgia has grown 325 percent to 15,000.
  • Asian-American women own 18,600 companies in the state, up 253 percent.
  • There are 2,500 Native American women-owned businesses in Georgia, up 130 percent.

Growth in women-owned businesses

 

Highest growth

States with the fastest growth in the number of women-owned firms between 1997 and 2014:

1. Georgia (118%)

2. Texas (98%)

T-3. North Carolina (91%)

T-3. Nevada (91%)

5. Mississippi (81%)

Source: 2014 State of Women-Owned Businesses Report, American Express OPEN

 

Click here  to read the rest of Christopher Seward’s story in The Atlanta Journal-Constitution.

{ 2 comments… read them below or add one }

saltycracker April 2, 2014 at 4:40 pm

The favorable laws and incentives for women and minorities in business have been a big factor.
It has been advisable for a start up focused on public agencies or big corporations that they set it up as a minority qualified supplier, if at all possible. That is not a negative thing as fair is relative, but it is an important factor in a business model today.

Scarlet Hawk April 4, 2014 at 1:57 pm

I don’t disagree, and that’s a reasonable assertion to make as for factors in consideration. I will point out however, that there is a regulated process for identifying yourself as a minority owned business. Interestingly enough, it’s not sufficient for the government that I self-identify and am biologically identified as a woman, nor that my friends who have darker skin self-identify as African American. One has to actually go through a process of being recognized as a minority owned company. It’s more than just showing up or checking a box to get those incentives.