A latest report on women-owned enterprises in the United States shows that firms owned by Asian American women number an estimated 620,300 as of 2013, generating US$ 105 billion in revenue over the past few years.
According to the 2013 State of Women-Owned Businesses Report which was commissioned by the American Express OPEN, the number and economic contributions of women-owned firms continues to grow. The rate of growth in the number of women-owned enterprises over the past 16 years remains higher than the national average.
As of 2013, it is estimated that there are over 8.6 million women-owned businesses in the US, generating over US$1.3 trillion in revenue and employing nearly 7.8 million people. Between 1997 and 2013, the number of women-owned firms increased by 59 percent, topping the growth rates in number, employment and revenue of all privately held businesses over this period.
Nationally, the states with the fastest growth in the number of women-owned firms over the past 16 years are Georgia, up 112 percent, followed by Texas, up 93 percent, and North Carolina, up 91 percent.
In addition, women-owned firms are involved in a wide spectrum of industries. The industries with the highest concentration of women-owned firms are: health care and social assistance, with nearly 53 percent of firms in this sector being owned by women, followed by educational services (45 percent), administrative support and waste management services (44 percent) and other services (41 percent). The first three industries have also seen the fastest growth in the number of women-owned firms over the past 11 years, with a 113 percent increase in education services, 58 percent in administration and waste services and 45 percent in health care and social assistance.
The industries with the lowest concentration of women-owned firms are construction, where just 7 percent of firms are female-owned.
As for firms owned by women from ethnic minorities, that number has skyrocketed to an estimated 2,677,700 as of 2013, comprising one in three women-owned firms in the US currently.
Currently, Asian American women own 35 percent of all Asian American-owned firms, employ 21 percent of the workers employed by Asian American-owned firms, and contribute 18 percent of the revenue generated by Asian American-owned businesses.
The ethnic origin of Asian American firms is quite varied. About 85 percent of Asian American business owners have their roots in one of five regions: 27 percent are of Chinese background, 20 percent are of Asian Indian heritage, 15 percent are Vietnamese, 12 percent are Korean and 11 percent are from the Philippines.
Despite the fact that the number of women-owned firms continues to grow at a rate exceeding the national average, and now accounts for 29 percent of all enterprises, women-owned firms only employ six percent of the country’s workforce and contribute just under four percent of business revenues.