Business Booming for Women-owned Businesses
The US Census Bureau 1997 survey on US women-owned businesses have come under criticism by the National Women’s Business Council, a federal government advisory commission.
The survey is held every five years and forms part of the Economic Census.
- The growth of women-owned businesses continues to be triple the growth rate of all other businesses.
- The number of women-owned businesses has increased by 250%, from 2.6 million to an estimated 9.1million in the last 20 years.
- These businesses employ 27.5 million people.
- Approximately $3.6 trillion is generated in sales annually.
The survey covers only 65% of all women owned businesses, omitting:
- Businesses that are jointly owned by a woman and a man,
- Companies that are less than 51% owned by women and
- Women-led, publicly owned C-corporations.
The survey also fails to mention that revenues of the largest 500 women-led firms totaled $100 billion. These firms employ nearly 400,000, according to Working Women 500, a catalog of the largest women-owned businesses in the US.
The National Women’s Business Council is a federal government advisory commission, created by Congress to serve as an independent source of advice on issues of importance to women entrepreneurs. They plan to convene a task force to examine the inclusion of all women-owned businesses in future economic surveys.
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