PROVIDENCE – Rhode Island ranked No. 37 in the nation for the growth of the number of women-owned firms over 20 years, according to the State of Women-Owned Businesses Report commissioned by American Express Open.
The number of women-owned firms increased 64.9 percent from 1997 to 2017, from 19,886 to 32,800. Nationally, the number of women-owned firms increased 114.4 percent in 20 years to 11.6 million.
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The Ocean State ranked No. 49 in the nation for the growth rate of jobs created by women-owned firms, with a 2.7 percent decline from 1997 to 2017. In 1997, women-owned firms employed an estimated 28,678 people, a number that fell to 27,900 in 2017. Nationally, the growth rate for employment at women-owned firms was 27 percent, with 9 million people employed in women-owned firms.
Sales by women-owned firms in Rhode Island increased 75.2 percent over the two decades to an estimated $4.7 million, ranking No. 36 in the nation. Nationally, women-owned firms saw sales increase 103.3 percent to $1.7 billion.
The report also produced a ranking of “economic clout,” which combined the growth rates of the number of firms, employees and revenue. While it did not give a specific rank, Rhode Island’s economic clout placed it among the bottom 10 of the 50 states and the District of Columbia. Nevada was ranked No. 1 for the economic clout of women-owned businesses.
The survey gave national comparison data as well: The number of firms grew 44 percent from 1997-2017, while employment increased 13 percent and firm revenue increased 114 percent.
The Providence metropolitan area ranked No. 46 among the top 50 United States metropolitan areas with a 35 percent increase in the number of women-owned businesses from 1997 to 2017. Employment at those 46,100 firms increased 9.1 percent in that time to 40,800, which ranked No. 42. Sales for women-owned firms increased 14.6 percent from 1997 to 2017 to an estimated $7 million.
Providence was among the lowest five ranked metropolitan areas in the nation for the growth of economic clout of women-owned businesses. The Boston metropolitan area also made the bottom five. The Charlotte, N.C., metro area ranked No. 1 for economic clout growth in the report.
Nationally, women-owned firms make up 39 percent of all firms, account for 8 percent of total employment and 4.2 percent of total sales.
Chris Bergenheim is the PBN web editor.
