Report: Detroit Ranks Second In Nation In Number Of Women-Owned Business Growth

DETROIT – Detroit is ranked second in the nation in the number of women-owned businesses created over the past nine years, while Michigan ranks fourth among the 50 states and Washington D.C. for the overall growth of women-owned companies.

This news comes from a new report commission by American Express OPEN, analyzing data from the U.S. Census Bureau’s Survey of Business Owners and factoring in relative changes in Gross Domestic Product. The report said Michigan has an estimated 389,800 women-owned companies, employing 252,200 and attributing to roughly $46,130,800,000.

The analysis, reported by industry, revenue and employment size at the national and state levels, shares a new and nuanced investigation into the growth trends among the 11.3 million women-owned enterprises since the recession. 

Michigan is also ranked tenth (49.2 percent) in growth of business revenue between 2007 and 2016.  Detroit is ranked second (121.4 percent) in growth of number of firms.

Nationally, the number of women-owned companies (between 2007 and 2016) increased by 45 percent, compared to just a 9 percent increase among all businesses. Therefore, over the past nine years, the number of women-owned firms has grown at a rate fully five times faster than the national average.

Below is a table comparing Michigan’s women-owned firms data to the national numbers: