Black women are the fastest-growing group of entrepreneurs in the country, according to a new study.
The 2015 State of Women-Owned Businesses Report revealed that the number of women-owned businesses in America grew by 74 percent between 1997 and 2015.
But for African-American women, that number is massive. The number of Black women-owned businesses has grown by a whopping 322 percent since 1997. Today, Black women own roughly 14 percent of all businesses in the country owned by women--around 1.3 million businesses to be exact.
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“While nationally African American women comprise 14 percent of all women-owned firms, African American women comprise a greater than average share of all women-owned firms in Georgia (35 percent), Maryland (33 percent), and Illinois (22 percent),” the report says.
Statistical data shows that of the 1.3 million companies owned by Black women, nearly 300,000 workers are employed and the businesses generate an estimated $52.6 billion in revenue. In fact, of Black-owned businesses overall, 49 percent are owned by women.
But women of color aren’t just starting businesses at a faster rate...they’re also bringing in the major cash. Businesses owned by Black women came on top as it relates to revenue growth when compared to other minority women-owned businesses.
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