The number of women-owned businesses increased at nearly double
the rate of their male counterparts
Black women and Latina entrepreneurs emerged from the pandemic
stronger than all women-owned employers
Women-owned businesses continue to fuel the economy,
representing 39.1% of all businesses – over 14 million – employing
12.2 million workers, and generating $2.7 trillion in revenue.
According to the 2024 Wells Fargo Impact of Women-Owned Business
Report, in partnership with Ventureneer, CoreWoman, and Women
Impacting Public Policy (WIPP), the number of women-owned
businesses between 2019 and 2023 increased at nearly double the
rate of those owned by men; and from 2022 to 2023, the rate of
growth increased to 4.5 times.
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2024 Wells Fargo Impact of Women-Owned
Business Report (Photo: Wells Fargo)
Whether it was during COVID-19 lockdowns in 2020 or supply chain
disruptions throughout the pandemic, women business owners are
driving economic growth:
- During the onset of the pandemic in 2020, despite business
closures, women launched more businesses than they closed, while
the number of men-owned businesses declined. Women-owned businesses
also grew their workforces and increased their revenue while men’s
numbers shrank.
- From 2019 to 2023, women-owned businesses’ growth rate outpaced
the rate of men’s 94.3% for number of firms, 252.8% for employment,
and 82.0% for revenue.
- During the pandemic, women-owned businesses added 1.4 million
jobs and $579.6 billion in revenue to the economy.
- Nearly half a million women-owned businesses with revenues
between $250,000 and $999,999 grew their aggregate revenues by
about 30%, illustrating their ambition, grit, and readiness to
cross the $1 million revenue threshold.
“The impact that women-owned businesses make on the economy is
undeniable. Even more impressive is that growth in women
entrepreneurship – whether it was their workforce or revenue – grew
during an extremely difficult time,” said Wells Fargo Women’s
Segment Lead for Small Business, Val Jones. “From the trillions in
revenue they contribute to the economy to the millions in jobs,
women-owned businesses are coming out of the pandemic stronger than
they went into the pandemic and many are thriving. It’s a testament
to their resiliency and the breadth and depth of support they’ve
received from government entities, banks, corporations, and
philanthropic organizations that must be sustained.”
Also, during the COVID-19 pandemic and the transition to the
post-pandemic period, Black/African American and Hispanic/Latino
women-owned businesses increased at a much higher rate than all
women-owned businesses. Between 2019 and 2023, Black/African
American women-owned businesses saw average revenues increase 32.7%
and Hispanic/Latino women-owned businesses 17.1% compared to all
women-owned businesses' 12.1% rise.
Further, women-owned businesses with 50 or more employees
account for nearly half of women-owned businesses’ employment and
revenues. Currently, women-owned businesses with 50 or more
employees average $31.8 million in revenue generating $1.3 trillion
in aggregate revenue. If they achieved the average revenue of
men-owned businesses with 50 or more employees, they would add $1.2
trillion in revenue to the U.S. economy.
“The surge in growth rates of women-owned firms with more than
50 employees proves their strength and adaptability during and post
the pandemic era,” said Wells Fargo Women's Segment Lead for
Commercial Banking, Judith Goldkrand. “To sustain the growth and
close the gaps, it’s important that we continue to create
opportunities that help these businesses flourish, including
removing barriers to capital, providing technical assistance, and
offering support with business certification.”
Industry trends
More than a decade ago, women-owned businesses were concentrated
in just three industries. Now, half of all women-owned businesses
(50%) are concentrated in these four industries:
- Other services (hair and nail salons, pet care,
laundries, and dry cleaners): In 2023, women owned 2,267,000 other
services companies, accounting for 16.2% of all women-owned
businesses.
- Professional, scientific, and technical services (legal,
bookkeeping, and consulting businesses): In 2023, women owned
2,017,000 businesses in this category, accounting for 14.4% of all
women-owned businesses.
- Administrative, support and waste management, and
remediation services (office administration, staffing agencies,
and security and surveillance services): In 2023, women owned
1,671,000 businesses of this type, accounting for 11.9% of all
women-owned businesses.
- Healthcare and social assistance (child day care and
homecare providers, mental health practitioners, and physicians):
In 2023, women owned 1,588,000 healthcare and social assistance
companies, accounting for 11.3% of all women-owned businesses.
While these industries have the most women-owned businesses,
between 2019 and 2023, the sectors that saw the most significant
growth (50%) were in finance, insurance firms, real estate,
transportation, and the warehouse industry.
Women-owned businesses show growth across the country
The impact of women-owned businesses diverges significantly
across the U.S., influenced by varying economic conditions and
programs that support their advancement. The report details how
their growth plays out across the country, ranking the top and
bottom states and Metropolitan Statistical Areas (MSAs) between
2019 and 2023. The states with the highest economic clout for
women-owned businesses had strong economies during the pandemic
with supportive environments for women-owned businesses:
- New York
- North Carolina
- Georgia
- Florida
- California
The top five MSAs had strong economies with a mix of industries,
a strong job market, and entrepreneurial cultures in which there
was access to capital, government contracting opportunities,
training, mentorship, and networking opportunities:
- Miami, Fort Lauderdale, West Palm Beach – Florida
- Dallas, Fort Worth, Arlington – Texas
- Boston, Cambridge, Newton – Massachusetts, New Hampshire
- Los Angeles, Long Beach, Anaheim – California
- Phoenix, Mesa, Scottsdale – Arizona
Women-owned businesses could make a greater impact
While women business owners represent 39.1% of U.S. firms, they
only account for 9.2% of the workforce and 5.8% of revenue. Closing
the gap in average revenues for those ethnically or racially
diverse has the potential to generate $667 billion in additional
revenue, while closing the gap in average revenues between women-
and men-owned businesses has the potential of generating $7.9
trillion in additional revenue to the nation’s economy.
“It’s incredible to see how women are strengthening the
post-COVID economy, but their impact can be even greater with
additional support, tailored to the needs of specific demographic
segments,” said President and CEO of Women Impacting Public Policy,
Angela Dingle. “While we’ve seen new mentorship and networking
programs emerge, specialized grants, and other services to help
support the growth of women-owned businesses, we must continue to
do more. By working together, we can create an environment where
women can make an even greater impact on the economy and for
themselves.”
Explore the 2024 Wells Fargo Impact of Women-Owned Business
Report here.
About the Wells Fargo Impact of Women-Owned Business
report
The Wells Fargo Impact of Women-Owned Business report – an
inaugural report – chronicles the impact of COVID-19 on U.S.
businesses and how it opened opportunities for women. It highlights
the growth of women-owned businesses from 2019 to 2023, especially
those owned by women of color, and explores the intersection of
gender with race, business size, industry, and geography. The
report was done in collaboration with Ventureneer, CoreWoman, and
Women Impacting Public Policy.
Several demographic backgrounders were also created in alignment
with the Wells Fargo Impact of Women-Owned Business report:
- Asian American women-owned businesses
- Black/African American women-owned businesses
- Employer/non-employer women-owned businesses
- Hispanic/Latino women-owned businesses
- Women-owned businesses by geography
Methodology
Projected numbers for employer and non-employer firms are based
on the U.S. Census Bureau data.
- Employer firm numbers are based on Annual Business Survey (ABS)
and Annual Survey of Entrepreneurs (ASE) data.
- Non-employer firm numbers use the Non-employer Statistics by
Demographics series (NES-D) data, which is sourced from
administrative records.
Projections rely on multiple statistical models and are adjusted
using the Gross Domestic Product (GDP) and level of consumption
data from the U.S. Bureau of Economic Analysis (BEA), as well as
data from the U.S. Bureau of Labor Statistics (BLS) and the Current
Population Survey (CPS).
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial
services company that has approximately $1.9 trillion in assets,
proudly serves one in three U.S. households and more than 10% of
small businesses in the U.S., and is a leading middle market
banking provider in the U.S. We provide a diversified set of
banking, investment and mortgage products and services, as well as
consumer and commercial finance, through our four reportable
operating segments: Consumer Banking and Lending, Commercial
Banking, Corporate and Investment Banking, and Wealth &
Investment Management. Wells Fargo ranked No. 47 on Fortune’s 2023
rankings of America’s largest corporations. In the communities we
serve, the company focuses its social impact on building a
sustainable, inclusive future for all by supporting housing
affordability, small business growth, financial health, and a
low-carbon economy. News, insights, and perspectives from Wells
Fargo are also available at Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com
LinkedIn: https://www.linkedin.com/company/wellsfargo
News Release Category: WF-SB
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version on businesswire.com: https://www.businesswire.com/news/home/20240109113716/en/
Media Brittany Anthony, Wells Fargo
Brittany.Anthony@wellsfargo.com
Wells Fargo (NYSE:WFC)
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