In the United States, gender inequality has created issues within the workplace such as pay imbalances. However, this hasn’t stopped a vast number of dedicated, hard-working women from going out and grasping success in the form of businesses. Women-owned businesses have over double the annual growth rate of all other businesses, proving that these female founders are busting down barriers.
Here are some facts about women-owned businesses and how they’ve influenced employment.
Employment and Growth
Women-owned businesses employ nearly 9.4 million people, and they own 42% of companies in the U.S. This is reflective of the profound impact women have upon the workplace and the growing nature of their accomplishments. While the spectrum of women-owned businesses is wide, there are a few areas that are far more populated.
Around 13% of these companies are in the professional, scientific, and technical services industry. This includes industries such as accounting, engineering, computer services, research and marketing, and veterinary work. 15% run healthcare or social assistance businesses, namely childcare or home health care companies.
A whopping 22% are in the field of other services, which includes pet, hair, and nail businesses. There are many other kinds of services that are owned by women, including 4.1% of them being in the construction industry. Though, these are the most heavily populated industries.
Interestingly enough, construction is an industry where the number of women-owned businesses grows the fastest. There was a 68% increase in the years 2014-2019. Following this trend, construction is the industry with the highest amount of revenue growth for women-owned businesses since 2014.
Women-Owned Businesses During Covid
While the growth that women, especially women of color, have achieved is amazing, they were hit very hard by the pandemic. In July 2020, only 47% of female business owners ranked their business’s health as good. 30% of women-owned businesses had to close due to the pandemic compared to 17% of male-owned companies.
Conclusion
Despite the challenges faced by women in the workplace, there are a multitude of successes which can be seen by their profound impact. From employment to filling seats across a variety of different fields, women owned businesses have become a prominent force which is shaping the business world today.
For more information on Woman Owned Micro Businesses (WOMB), contact Ferry Godmother