Statistics on Growth of Businesses Owned by Women of Color

Statistics on Growth of Businesses Owned by Women of Color

Firms that are majority owned by women of color are growing at six times the rate of all U.S. firms, according to the latest estimates by the Center for Women's Business Research. Between 1997 and 2004, the number of privately-held firms that were 51 percent or more owned by women of color grew by 55 percent, while all privately-held firms grew by only 9 percent. The center's updated fact sheet series shows significant growth in women's entrepreneurship among every major racial and ethnic group: 69 percent for both Asians and Pacific Islanders and Native Americans/Native Alaskans, 64 percent for Hispanics, and 33 percent for African Americans. As of 2004, the estimated 1.4 million firms that are majority-owned by women of color employed nearly 1.3 million people and generated $147 billion in annual sales.