Women-owned businesses are doing quite well, thank you, according to a new study of business trends.
The 2018 State of Women-Owned Businesses Report, commissioned by American Express and prepared by research and training company Ventureneer, listed Iowa among the top 10 states demonstrating economic clout — growth in the number of women-owned businesses as well as their own growth in employment and revenues.
The study is based on projections from the 2012 Survey of Buisness Owners data in the U.S. Census Bureau, the report said.
“Achieving such a tremendous improvement for women business owners in Iowa wasn’t accomplished overnight,” Gov. Kim Reynolds said in an email.
“We’ve worked hard to nurture a dynamic start-up ecosystem, fair regulatory environment and improved access to capital for female entrepreneurs and small business owners. This latest ranking validates our past efforts and serves as a milestone for future success.”
The top 10 states in terms of economic clout for women were:
1. South Dakota
2-3. Texas, Utah — tied
5-6. North Dakota, Tennessee — tied
8-9. Georgia, Iowa — tied
In terms of employment vitality alone, Iowa placed in fourth place.
Among other factors, the report also said four out of 10 businesses in the United States are women-owned, employing eight percent of the private-sector workforce and contributing 4.3 percent of total revenues.
It also stated that while the number of businesses overall grew 12 percent between 2007 and 2018 nationwide, the number of women-owned businesses grew 58 percent.
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Nationwide, the study reported, women-owned businesses employ fewer workers, on average, at 0.7, than all privately held businesses, at 1.9.