Dallas-Fort Worth named 2nd best metro in the U.S. for growth in female business owners » Dallas Innovates

2024 Wells Fargo Women-Owned Business Impact Report [Photo: Wells Fargo]

Female managers are active. From 2019 to 2023, the number of women-owned businesses increased at almost twice the rate of male-owned businesses, and from 2022 to 2023, the growth rate increased 4.5 times as much. And Dallas-Fort Worth has a lot to do with this. A noticeable trend.

This is according to the 2024 Wells Fargo Women-Owned Businesses Impact Report, produced in partnership with Ventureneer, CoreWoman, and Women Influencing Public Policy.

The new report finds that women-owned businesses “continue to stimulate the economy, accounting for 39.1% of all businesses (more than 14 million), employing 12.2 million workers, and generating $2.7 trillion in revenue.” It is producing,” he said.

Of the metropolitan statistical areas in the United States, Dallas-Fort Worth-Arlington It ranks second in growth rates for female business owners, the report said.only Miami – Fort Lauderdale – West Palm Beach Metro beats DFW for first place.

Other major cities promoting the growth of women business owners include: Boston-Cambridge-Newton 3rd place. Los Angeles-Long Beach-Anaheim 4th.and Phoenix – Mesa – Scottsdale At number 5.

“It’s a testament to their resilience.”

“The economic impact of women-owned businesses is undeniable. What's even more impressive is that female entrepreneurship, whether it's in the workforce or in revenue, has grown during extremely difficult times.” Val Jones, head of women's small business at Wells Fargo, said in a statement.

“From the trillions in revenue they contribute to the economy to the millions of jobs, women-owned businesses are coming through the pandemic stronger than before the pandemic, and many are thriving,” Jones added. . “This is a testament to their resilience and the breadth and depth of support they are receiving and must continue to receive from government agencies, banks, businesses and charities.”

According to the report, notable advances in women-owned businesses include:

Despite business closures at the start of the pandemic in 2020, women started more businesses than they closed, while the number of male-owned businesses declined. Women-owned businesses also added employees and increased revenue, but the number of men-owned businesses declined.
From 2019 to 2023, the growth rate of women-owned businesses exceeded that of men: 94.3% in number of businesses, 252.8% in employment, and 82.0% in revenue.
During the pandemic, women-owned businesses added 1.4 million jobs and $579.6 billion in revenue to the economy.
Approximately 500,000 women-owned businesses with revenues between $250,000 and $999,999 increased their total revenue by approximately 30%. This shows a company's ambition, grit, and readiness to exceed the $1 million revenue threshold.

Advances in Black/African American and Hispanic/Latinx Women-Owned Businesses

The report found that during the pandemic and the transition to the post-pandemic period, businesses owned by Black/African American and Hispanic/Latinx women “grew at a much higher rate than all businesses owned by women. ” points out.

From 2019 to 2023, average revenue increased by 32.7% for Black/African American women-owned businesses and 17.1% for Hispanic/Latinx women-owned businesses, compared to 17.1% for women-owned businesses. The overall increase was 12.1%.

Data for women with 50 or more employees

Women-owned businesses with 50 or more employees account for nearly half of employment and revenue for women-owned businesses, the report said. . If they could achieve the average revenue of male-owned businesses with 50 or more employees, they would add $1.2 trillion in revenue to the U.S. economy. ”

“The jump in growth rates for women-owned businesses with 50 or more employees demonstrates the strength and adaptability of businesses during and after the pandemic,” said Judith Goldkland, head of women's commercial banking at Wells Fargo. I've proven it.” She said: “To sustain growth and close the gap, it is important that we continue to create opportunities to help these businesses thrive, including by removing capital barriers, providing technical assistance and providing support through business certification. .”

Report says greater impact still needed

The report says that despite recent progress, women still make up 39.1% of U.S. businesses but only 9.2% of employees and 5.8% of revenue, and significant impact is still needed. points out.

“Closing the gap in average returns for ethnically or racially diverse people could generate $667 billion in additional revenue, while reducing the average returns between women-owned businesses and men-owned businesses. Closing the gap could generate $7.9 trillion in additional revenue contributing to the national economy,” the report said.

You can read the full report here.