New census-based report finds New Jersey ranks #41 in overall growth of women-owned firms
New Jersey has an estimated 279,600 women-owned businesses, employing 268,600 and attributing to roughly $54,766,400,000 according to the eighth annual State of Women-Owned Businesses Report, commissioned by American Express, a comprehensive report released today, analyzing data from the U.S. Census Bureau’s Survey of Business Owners and factoring in relative changes in Gross Domestic Product (GDP).
New this year, the report looks back to 1972, the first time the U.S. Census Bureau provided data on minority- and women-owned businesses. Nationally, the number of women-owned businesses increased a dramatic 31 times since 1972 –from 402,000 to 12.3 million in 2018. Employment during that time grew 40-fold from 230,000 to 9.2 million, and revenues rose from $8.1 billion to $1.8 trillion¾ 217 times greater.
New Jersey is ranked #33 in growth of number of women-owned firms since 2007 with a 31% increase, #44 in growth of jobs created with a 4.7% increase and #26 in growth of firm revenues with a 33% increase.
Below is a table comparing New Jersey’s women-owned firms data to the national numbers:
| Trend in Growth of Women-Owned Firms by State, 2002-2018 | ||||||||
| Women-Owned Firms | % Change 2007-2018 | % Change 2017-2018 | ||||||
| 2002 | 2007 | 2012 | 2016 (est.) | 2017 (est.) | 2018 (est.) | |||
| Total US | ||||||||
| Number of Firms | 6,489,483 | 7,793,139 | 9,878,397 | 11,313,900 | 11,615,600 | 12,280,200 | 57.6% | 5.7% |
| Employment | 7,146,229 | 7,579,876 | 8,431,614 | 8,976,100 | 8,985,200 | 9,184,500 | 21.2% | 2.2% |
| Sales ($000) | $940,774,986 | $1,202,115,758 | $1,419,834,295 | $1,622,763,800 | $1,663,991,700 | $1,757,210,100 | 46.2% | 5.6% |
| New Jersey | ||||||||
| Number of Firms | 185,197 | 213,398 | 252,944 | 272,700 | 274,000 | 279,600 | 31.0% | 2.0% |
| Employment | 243,020 | 256,397 | 261,891 | 267,400 | 266,100 | 268,600 | 4.8% | 0.9% |
| Sales ($000) | $35,573,077 | $41,189,464 | $49,535,493 | $53,606,900 | $52,819,400 | $54,766,400 | 33.0% | 3.7% |
