Maine is a top state for women-owned businesses, study finds
Maine’s women-owned businesses demonstrate the highest “employment vitality” — a measure of their job growth rate and average number of staff — according to a national study released Monday.
The finding was one of the results in the 2019 State of Women-Owned Businesses Report, an analysis commissioned by American Express each year since 2011. The study used a variety of data, including U.S. Census statistics, to gauge how female business owners are faring.
Women-owned businesses continue to fuel the economy and now represent 42% of all U.S. businesses — nearly 13 million — employing 9.4 million workers and generating revenue of $1.9 trillion, according to this year’s report.
“As it turns out, women are often more likely than business owners in general to see a need in the market and to start a company to fill it. This should bode well for the U.S. economy,” the report said.
Maine was the only state in the Northeast to crack the top 10 states with the highest economic vitality. Vermont, however, was one of the five states with the lowest, according to American Express.
The report also evaluated “economic clout,” a measure of the growth in the number of women-owned businesses as well as growth in their employment and revenue. On that scale, Maine ranked No. 8 in the country, and again was the only Northeast state among the top 10.
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