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Texas ranked second in growth of women-owned business

Thursday, September 6, 2018

Texas ranks second in the overall growth of women-owned businesses, according to a report commissioned by American Express. The report uses data from the U.S. Census Bureau’s Survey of Business Owners. 

According to the report, Texas has 943,700 women-owned businesses, which employ 818,200 people. A report on the Texas State Comptroller’s website states that nationwide, 38 percent of all U.S. businesses are owned by women, and those firms account for 4 percent of the United States’ business revenues.

Data going back to 2007 shows that the number of women-owned businesses in Texas grew 54.7 percent, putting the state at No. 10 in the growth of number of firms owned by women in the past 11 years. Among the top 50 metropolitan areas, Austin ranked No. 8 in the growth of the number of women-owned businesses since 2007, No. 2 in the growth of jobs created, with an increase of 90.4 percent, and No. 6 nationwide in the growth of firm revenues, which increased 90.5 percent in the past 11 years. 

San Antonio ranked No. 10 in the growth of the number of women-owned businesses since 2007, with an increase of 83.7 percent, and No. 1 in the growth of jobs created, with an increase of 147.8 percent. San Antonio also ranked third nationwide in growth of firm revenues, with an increase of 127.3 percent. 

The state offers programs to help promote women-owned businesses, such as the Historically Underutilized Business (HUB) certification program. The program helps HUBs – which must be at least 51 percent owned by women, minorities or service-disabled veterans – do business with the state and with vendors required to subcontract with HUBs for certain projects. 

However, obstacles remain for women who want to start up a business. Women lag behind men in business education, according to the state comptroller’s website; although women make up the majority of post-secondary students as of fall 2016, more men are earning bachelor’s degrees and master’s degrees in business. Women also receive less seed funding to start their businesses than men do. 

Moreover, there are other business-related equality gaps for women in Texas. According to a WalletHub study, Texas ranked as the third worst state for women’s equality, taking into account gaps in earnings, work hours, entrepreneurship rates and executive position rates, among other workplace factors.

San Marcos Record

(512) 392-2458
P.O. Box 1109, San Marcos, TX 78666