A study commissioned by American Express – the annual State of Women-Owned Business Report – shows that Georgia is among the top states in the country for women-owned businesses. The study examined a number of factors and is based on data from the Census Bureau Survey of Business Owners and GDP data from the Bureau of Economic Analysis.
Women have obviously been in the workforce for a long time but there is still a glass ceiling of sorts for the upper echelons of business and business ownership. It is being smashed. The share women-owned businesses represent of all business has skyrocketed from a mere 4.6% in 19721 to 42% in 2019.
“The face of entrepreneurship is evolving to include all women, regardless of demographics. Even more impressive is that women are starting businesses on their own terms – whether it be their full-time focus or a part time activity,” said Courtney Kelso, Senior Vice President of American Express. “The economic impact of women-owned businesses is undeniable, from the trillions they contribute via revenue to the millions of jobs they provide. We are committed to backing these women entrepreneurs because when they win, we all win.”
Georgia is ranked second – behind Michigan – in the growth of the number of women-owned firms since 2014 with a 27.2% increase. It is ranked seventh in the growth of jobs created with a nearly 10% increase and ranked sixth in terms of growth of firm revenues with a 16% increase.
The Peach State came out number one for women-owned businesses increasing their economic clout – defined as growth in the number of firms and growth in employment and revenue.
The study also ranked the top 50 U.S. metropolitan areas and, like its state parent, Atlanta ranked very highly. It is ranked second in growth of number of women-owned firms with a 49.3% increase over the past 5 years, fifth in growth of jobs created with a 17.8% increase and eleventh in growth of firm revenues with a 26% increase.
Atlanta does happen to be home to the nation’s only city-funded incubator for women business owners. The Women’s Entrepreneurship Initiative (WEI) was started under former Mayor Kasim Reed and churns out approximately 15 businesses each cycle in its 15-month program.
“I am proud of the results that have been achieved through our Women’s Entrepreneurship Initiative. These inspirational women are helping foster economic growth in Atlanta, and are worthy of our admiration and support,” said Mayor Keisha Lance Bottoms. “With support from WEI, I am confident their journeys will continue to be successful and will serve as motivation for other aspiring women entrepreneurs to pursue their own dreams.”
For the full report from American Express, see here
To learn more about the WEI in the City of Atlanta, see here
