Women in business are transforming recovering economies with higher economic contributions and a growth rate of five times the national average.
Research by American Express has revealed that in the aftermath of the recession in 2007-08, the growth in the number of women-owned firms in the United States surged to an unprecedented 45 per cent wherein overall firm formation is “still to pick up”. While total business employment declined by one per cent since 2007, women-owned businesses increased employment by 18 per cent.
Business revenues also grew at a 30 per cent higher rate, with comparative revenue growth of 35 per cent by women-led firms against 27 per cent among all firms. The National Association of Women Business Owners estimates that there are more than 9.1 million companies owned by women, employing nearly 7.9 million people and generating over $1.4 trillion in sales. These statistics clearly highlight that in times of recession, women-led businesses lead both growth and innovation.