The Magnolia Business Alliance (MBA) announced today that Mississippi’s women-owned business firms increased by 81 percent putting Mississippi in the top 5 leading states in America citing a study by American Express OPEN. Women-owned businesses have been an ongoing American success story since 1997 with Mississippi near the top of the surge. The study not only showed women starting their own business at a at an all-time high, but that those businesses tend to be more successful than businesses owned by men.
The study examined data on start-ups, employment and profitability. It analyzed the information by state and metropolitan area, by industry, and by race. It compared women-owned businesses to other privately held companies and to publicly held companies.
Women own about 30 percent of today’s businesses nationwide, employing almost 8 million people and representing $1.4 trillion in annual revenue. Female entrepreneurs started 1,288 new ventures a day over the past year. The most attention-grabbing trend was the number of women-owned businesses grew at 1.5 times the rate of all other businesses with employment and revenue growth rising faster.
Geographically, the South is the focus for the percentage of all businesses started by women. The number of women-owned firms nationally has increased by 68 percent since 1997. The leading states are:
- Georgia, up 118 percent;
- Texas, up 98 percent;
- North Carolina, up 91 percent;
- Nevada, up 91 percent; and
- Mississippi, up 81 percent.
Another statistic from the survey data is women-owned firms have added an estimated 274,000 jobs since 2007. Among men-owned and equally-owned firms, employment has declined over the past seven years.
“MBA and our US Small Business Administration Regional Innovative Cluster program targeted minorities, women, and other underserved communities from the start to provide hands-on business development assistance. We are thrilled to see we are having an impact,” said MBA President Craig Harvey.