South Carolina ranks 5th in growth of women-owned firms
August 22, 2018
South Carolina has an estimated 167,000 women-owned businesses, employing 113,000 and attributing to roughly $16,181,800,000 according to the eighth annual State of Women-Owned Businesses Report, commissioned by American Express, a comprehensive report released today, analyzing data from the U.S. Census Bureau’s Survey of Business Owners and factoring in relative changes in Gross Domestic Product (GDP).
New this year, the report looks back to 1972, the first time the U.S. Census Bureau provided data on minority- and women-owned businesses. Nationally, the number of women-owned businesses increased a dramatic 31 times since 1972 –from 402,000 to 12.3 million in 2018. Employment during that time grew 40-fold from 230,000 to 9.2 million, and revenues rose from $8.1 billion to $1.8 trillion – 217 times greater.
South Carolina is ranked:
- 5th in growth of number of women-owned firms since 2007 with a 67.9% increase,
- 28th in growth of jobs created with a 12.6% increase and
- 45th in growth of firm revenues with a 14.4% increase.
The states with the fastest growth rate in terms of the number of women-owned firms between 2007 and 2018 are:
1. Florida
2. Georgia
3. Michigan
4. Tennessee (tie)
4. South Carolina (tie)
Below is a table comparing South Carolina’s women-owned firms data to the national numbers:
