The estimate of women-owned firms in Alabama now stands at 153,000 according to a new report.
And according to the sixth annual State of Women-Owned Businesses Report those estimated 153,000 businesses employ just over 111,000 Alabamians and generate almost $19 billion into the state’s economy.
The report, commissioned by American Express OPEN, analyzes data from the U.S. Census Bureau’s Survey of Business Owners.
Nationally the report found the number of women-owned businesses at an all-time high, 11.3 million in all employing almost 9 million Americans.
The report found that the number of women-owned businesses has grown by just over 45 percent compared to just a 9 percent increase for all businesses since 2007, the last full year before the start of the Great Recession.
That means that the number of women-owned businesses has grown five times faster than the national average, according to the report.
In Alabama over the past nine years, women-owned businesses have grown by just over 42 percent ranking the state 15th nationally.
In terms of the revenue the businesses generated, Alabama ranked 28th nationally seeing a 26.5 percent growth rate in revenue.
Reported by metro areas, the report shows in the Birmingham metro the number of women-owned businesses has increased from 20,000 to 37,600 over the last 14 years.
April 8, 2016