Rhode Island ranks among the worst states for the “economic clout” of women-owned firms, according to a report released last month.
The state ranked No. 49 out of all states and Washington, D.C., in the measure, which looks at the average rankings in growth in number, revenue and employment of women-owned businesses from 1997-2014, according to the “2014 State of Women-Owned Businesses Report” commissioned by American Express OPEN. Only Vermont and Iowa ranked worse.
Nationally, there are positive trends, the report said. Women are starting 1,288 new businesses per day, which is double the rate from only three years ago, it said. The number of women-owned businesses has increased at 1.5 times the national average.
The report estimates that there will be more than 9.1 million women-owned businesses in the United States this year (compared to 8.6 million in 2013). These businesses generate more than $1.4 trillion in revenue, employ 7.9 million people and account for 30 percent of all enterprises.
North Dakota, the District of Columbia and Nevada topped the list for “economic clout,” the report said. •