Study Focuses on Women-Owned Businesses

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A national report suggests the state lags behind the rest of the country in terms of growth in the number of women-owned businesses over the last 18 years. The research, commissioned by American Express Co. (NYSE: AXP), shows Indiana is home to nearly 150,000 women-owned businesses. May 18, 2015

News Release

STATEWIDE – Indiana has an estimated 147,400 women-owned firms, employing 165,200 and attributing to roughly $26.2 billion according to the fifth annual State of Women-Owned Businesses Report, commissioned by American Express OPEN, a comprehensive report released today analyzing the 1997, 2002, and 2007 data from the U.S. Census Bureau's quinquennial business census, the Survey of Business Owners.

Similar to previous annual reports released this time last year, the unique 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 9.4 million women-owned enterprises over the past 18 years.

Nationally, the number of women-owned businesses has increased 74% since 1997. Indiana is ranked 45th (37.7%) in growth of number of firms over the past 18 years and 23rd (93%) in growth of firm revenue between 1997 and 2015.

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

Trend in Growth of Women-Owned Firms by State, 1997-2015

Women-Owned Firms % Change, 1997-2015

1997 2002 2007 2015 (est.)

Total US

Number of Firms 5,417,034 6,489,483 7,793,139 9,410,800 73.7%

Employment 7,076,081 7,146,229 7,579,876 7,922,900 12.0%

Sales ($000) $818,669,084 $940,774,986 $1,202,115,758 $1,463,166,300 78.7%

Indiana

Number of Firms 107,082 118,857 129,621 147,400 37.7%

Employment 131,778 136,457 150,463 165,200 25.4%

Sales ($000) $13,578,102 $16,481,128 $20,637,409 $26,205,800 93.0%

New to the 2015 report is analysis ranking states (and top metro areas) by their growth in number of women-owned businesses since the recession. Indiana is ranked #13 with 151% in post-recession growth (‘07’15) vs. pre-recession (’02-’07).

Source: American Express OPEN