August 23, 2018

Report: Growth of women-owned firms in CT trails nation

Connecticut has one of the lowest growth rates of women-owned businesses in the country, according to a new analysis by American Express.

Connecticut is ranked 45th in growth of women-owned firms since 2007 with a 20.3 percent increase, the 8th annual State of Women-Owned Businesses Report by American Express says.

Meantime, job growth at the state's estimated 112,500 women-owned businesses ranks 43rd among all states and the District of Columbia, since 2007. Women-owned businesses in Connecticut also ranked 44th in revenue growth (14.5 percent) over the last decade. In all, the modest upticks resulted in American Express assigning Connecticut an "economic clout" ranking of 50th place for women-owned business growth since 2007.

Nationally, women-owned firms and their revenues grew at a much faster pace vs. Connecticut. The number of women-owned businesses increased 57.6 percent to an estimated 12.3 million firms since 2007 and revenues rose by 46.2 percent to over $1.7 trillion.

In the Hartford region, women-owned businesses recorded higher growth compared to the rest of the state. Since 2007, the metro area has grown from 27,066 firms to 35,600 this year, or an increase of 31.5 percent.

Employment and revenues rose by 21.4 percent and 23.6 percent, respectively, from 2007 to 2018.

View the full report here.

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