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August 24, 2018

National report: Maine women-owned businesses best in two categories

A new national report looking at growth trends in women-owned firms between 2002 and 2018 puts Maine at the top of the 50 states and the District of Columbia in two categories: The percentage increase in jobs those businesses created over that 16-year period (74.1%), and the percentage increase in the growth of revenues (286.3%).

The eighth annual "State of Women-Owned Businesses" report commissioned by American Express is based on data from the United States Census Bureau Survey of Business Owners, which is conducted every five years in years ending in "2" and "7." The report annually measures changes in women-owned businesses in terms of the number of firms, employment and revenues in all 50 states, including the District of Columbia.

"Women started an average of 1,821 news businesses per day in the U.S. between 2017 and 2018," the 2018 report states. "This level of new business formation by women is greater than the daily average during the pre-recession period from 2002 to 2007 (714 new business/day), as well as the recession and recovery period between 2007 and 2012 (1,143) and the post-recession period between 2012 and 2017 (952).

In Maine, the number of women-owned firms grew 18.5% between 2007 and 2018 — from 32,512 in 2002 to 45,600 in 2018. Employment for that same period grew 74%, from 26,510 to 51,600. Sales revenues at women-owned business in Maine grew 286.3%, from $3.28 billion in 2002 to $13.68 billion in 2018.

Maine is tied with North Dakota as the No. 2 state showing the "highest employment vitality," a measure of employment growth rate from 2007 to 2018 at women-owned firms and their average number of employees. Minnesota led in this category. Rounding out the top 5 are: Iowa (4), Delaware and Virginia (tied at 5).

The top five metropolitan areas where women-owned businesses increased their economic clout from 2007 to 2018 are: 1) Charlotte-Concord-Gastonia, N.C.; 2) San Antonio, Texas; 3) Austin, Texas; 4) Indianapolis, Ind.; 5) Miami, Fla.

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