The National Women’s Business Council released an analysis of Census data which showed almost 10 million small businesses in the U.S. were owned by women. The data also shows women-owned businesses earned $1.6 trillion between 2007 and 2012, more than 89% were sole proprietorships, and African American and Hispanic female entrepreneurship has seen the largest spike in numbers than any other race.
“We speculate that there may have been a bigger necessity among women of color to start their own businesses, Necessity is the mother of invention.”
said Carla Harris, the chair of the National Women’s Business Council who was appointed by President Obama.
“There is an increased necessity for women of color to supplement either their existing income (as they are often paid substantially less than the national average) or creating a primary source of income.”
The largest increase in business ownership, was among Hispanic women. There were nearly 1.5 million small businesses owned by Hispanic women in 2012, an 87% increase from 2007, with these businesses generating a total of $83.6 billion in that same period.
More than 1.5 million black women-owned businesses were reported in 2012, a 67.5% increase from 2007. Those businesses generated a total of $44 billion in that same period. Georgia was the state with the highest number of black women owned business.