01/04/2018 - SALT LAKE CITY, Utah (News4Utah) Salt Lake City had a successful business year when it comes to women-owned businesses. Roberta Reichgelt from the Department of Economic Development and Ann Marie Wallace from the Women's Businesses joined Good Morning Utah with Emily Clark to talk about how Salt Lake City fared in a recent report on those businesses.
American Express recently released their 2017 state of women-owned businesses report. This is the 7th annual report on the State of Women-Owned Businesses in the United States.
The report takes into account both long and short-term views, examining how women-owned firms, their numbers of employees, and their revenues have changed over the past two decades and also the past year.
The report looks at national, industry, and geographic trends among other things. We're happy to report that Salt Lake City and Utah as a whole have good showings in this report.
It shows local business is big business in mid-sized cities - Salt Lake City is among 5 mid-sized cities where women-owned businesses show the greatest vibrancy - ranking high for economic clout and employment vitality.
Utah state ranked #7 for economic clout. This is another report that shows the great business environment in general, but all for women-owned businesses in Salt Lake City!
This data and report supports need to focus on this under-tapped economic engine for creating jobs and helping to secure and diversify SLC's economic vitality and future.
The numbers are truly stunning! Women's entrepreneurship has been on the rise in the United States for the last two decades.
Over past 20 years, number of women-owned businesses has grown 114% compared to the overall national growth rate of 44%, Women-owned businesses now account for 39% of all U.S. firms.
As of last January, there are an estimated 11.6-million women-owned businesses in the U.S. that employ nearly 9-million people and generate more than $1.7-trillion in revenues.
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