Research Summary
Women-Owned Businesses Thrive in Nation's Top 50 Metro Areas
Washington, D.C.-The employment and revenues generated by women-owned businesses have more than doubled since 1992 in the majority of the nation’s 50 top metropolitan areas, according to a 1999 analysis of U.S. Census Bureau data released today by the National Foundation for Women Business Owners (NFWBO) and Wells Fargo. The report updates a NFWBO/Wells Fargo 1996 study and documents that women-owned businesses are continuing to grow faster than the economy in these leading areas.
Employment and revenues largely doubled in last 7 years
Titled “1999 Facts on Women-Owned Businesses: Trends in the Top 50 Metropolitan Areas,” the report shows that during just the past seven years, the number of women-owned businesses in each of the 50 top metropolitan areas has grown significantly-ranging from a 33% to a 59% increase.
“NFWBO’s research shows that nationally, there are 9.1 million women-owned businesses in the U.S. as of 1999,” said Lois E. Haber, CLU, ChFC, NFWBO Chair, and President and CEO of Delaware Valley Financial Services, Inc. in Berwyn, Pa. “The top 50 metro areas are home to half of these firms-nearly 4.6 million businesses. Furthermore, these firms are increasingly substantial, making important contributions to the economic health and vitality of their local communities by employing a total of 15.5 million people and generating $2.1 trillion in sales.”
“We believe our Women’s Loan Program is contributing to this phenomenal growth of women-owned businesses and we’re committed to continue to help them grow and prosper,” said Colleen Anderson, Executive Vice President at Wells Fargo. “We’re lending at an average of close to $1.5 billion a year to women business owners and I’m proud to announce that only three-and-a-half years into our 10-year program, we’ve already lent $5.2 billion.”
The NFWBO/Wells Fargo report shows the top metropolitan areas for women-owned businesses-ranked on an averaging of number of firms, employment, and sales-are: 1) New York, NY; 2) Los Angeles-Long Beach, CA; 3) Chicago, IL; 4) Philadelphia, PA-NJ; 5) Houston, TX; 6) Washington, DC-MD-VA-WV; 7) Seattle-Bellevue-Everett, WA; 8) Dallas, TX; 9) Orange County, CA; and 10) Nassau-Suffolk, NY.
The cities with the fastest growth in women-owned businesses-ranked on an averaging of the percent growth in number, employment and sales between 1992 and 1999-are: 1) Portland, OR-Vancouver, WA; 2) Seattle-Bellevue-Everett, WA; 3) Phoenix-Mesa, AZ; 4) Houston, TX; 5) Nashville, TN; 6) Miami, FL; 7) Sacramento, CA; 8) Dallas, TX; 9) Orlando, FL; and 9) San Diego, CA (tied).
The NFWBO/Wells Fargo report is based on estimates derived from 1987 and 1992 data published by the U.S. Bureau of the Census as well as NFWBO’s 1996 estimates, and projects those trends forward. This report is the leading source of the most up-to-date information on women business owners and their enterprises.
The National Foundation for Women Business Owners (NFWBO) is a nonprofit research and leadership development institute. NFWBO is recognized as the premier source of information and intelligence on women business owners and their enterprises by corporations, policy makers, financial institutions and the media. Up-to-date information about women business owners and their enterprises worldwide is documented in NFWBO’s original research and analysis. NFWBO is affiliated with the National Association of Women Business Owners (NAWBO).
Wells Fargo is the sponsor of the “1999 Facts on Women-Owned Businesses: Trends in the Top 50 Metropolitan Areas.” Headquartered in San Francisco, Wells Fargo is a $201 billion diversified financial services company, providing banking, insurance, investments, mortgage and consumer finance through almost 6,000 stores and other distribution channels across North America, including all 50 states and elsewhere internationally.
Charts
As of 1999, There are 9.1 Million Women-owned Firms in U.S., Nearly 4.6 Million in Top 50 Metro AreasHalf of Number, More Than Half of Employment and Sales of Women-Owned Firms Located in Top 50 Metro Areas Tables Growth in Number of Women-Owned Firms, Employment and Sales: 1992-1999Number of Women-Owned Firms, Employment and Sales by Metropolitan Area: 1999
to order the complete research report.
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Attachment: “Trends in the Top 50 Metropolitan Areas” fact sheet
“1999 Facts on Women-Owned Businesses: Trends in the Top 50 Metropolitan Areas”-A complete report including fact sheets for each of the 50 metro areas plus detailed tables providing an overview of the rankings of the areas on key factors-is available for $130 from NFWBO. (Discounts are available for NAWBO members and NFWBO corporate partners.)
Methodology Note: The 1999 estimates are derived by analyzing 1987 and 1992 data published by the U.S. Bureau of the Census, as well at NFWBO’s 1996 estimates, and projecting these trends forward. In cases where the metropolitan area boundaries changed between 1987 and 1992, adjustments were made to 1987 numbers to ensure that growth figures would reflect actual growth and not the addition of new geographic areas.
The following general assumptions were made: 1) the growth rates between 1987 and 1992 would continue at the same rate through 1999 (growth in the number of firms is projected linearly, growth in employment and sales is curvilinear); 2) the increase in the number of firms, employment and sales found by the addition of C corporations in 1992 at the state level would be the same at the metropolitan area level in both prior and later years; 3) in cases where data at the industry level were not available due to disclosure issues with the Bureau of the Census, state level industry distributions were used to provide an estimate.
Wells Fargo Regional Media Contacts: Mary Rodrigues (415) 396-3606-Wells Fargo Headquarters, San Francisco; Northern California; national press Kathy Shilkret (213) 253-7198-Southern California Marilyn Taylor (602) 378-4441-Arizona, New Mexico, Texas Teresa Morrow (612) 667-0148 or Mike Bares (612) 667-9650-Minnesota, Wisconsin, North Dakota, South Dakota, Illinois, Indiana, Ohio, Nebraska Anita Liskey (515) 221-4587-Iowa Cristie Drumm (303) 863-6289-Colorado, Nevada, Utah, Wyoming, Montana Tom Unger (503) 886-2051-Idaho, Oregon, Washington
Note to Editors: The National Foundation for Women Business Owners (NFWBO) can provide statistical information on women-owned enterprises for the U.S., the 50 states, the 50 top metropolitan areas, women business owners of color, and some countries. In addition, NFWBO’s research studies have identified dynamic trends among women business owners and their enterprises, and documented their unique characteristics and ways of doing business. Topic areas include motivations for entrepreneurship; styles of management; business financing; use of technology; retirement planning and employee benefits; government procurement; investing; doing business globally; and women entrepreneurs in other countries.
| Metropolitan Area | % Change 1992-1999 | Overall Ranking | ||
|---|---|---|---|---|
| Number of Firms | Employment | Sales ($000) | ||
| Total Top 50 MSA’s | 42.2 | 108.2 | 132.2 | |
| Portland-Vancouver OR-WA | 56.3 | 152.7 | 194.4 | 1 |
| Seattle-Bellevue-Everett WA | 46.1 | 229.7 | 274.2 | 2 |
| Phoenix-Mesa AZ | 48.0 | 177.1 | 200.3 | 3 |
| Houston TX | 43.6 | 208.8 | 224.3 | 4 |
| Nashville TN | 48.0 | 155.3 | 169.2 | 5 |
| Miami FL | 55.2 | 141.7 | 161.1 | 6 |
| Sacramento CA | 49.8 | 139.0 | 169.7 | 7 |
| Dallas TX | 40.9 | 180.0 | 192.6 | 8 |
| San Diego CA | 40.9 | 215.5 | 183.1 | 9 |
| Orlando FL | 59.0 | 129.5 | 155.5 | 9 |
| Charlotte-Gastonia-Rock Hill NC-SC | 51.5 | 134.6 | 160.0 | 11 |
| Riverside-San Bernardino CA | 56.5 | 140.4 | 138.2 | 11 |
| New Orleans LA | 40.5 | 165.9 | 189.5 | 13 |
| Ft. Lauderdale FL | 52.8 | 107.5 | 165.3 | 14 |
| Cleveland-Lorain-Elyria OH | 44.0 | 149.8 | 154.9 | 15 |
| Atlanta GA | 53.9 | 110.3 | 150.3 | 16 |
| Orange County CA | 38.8 | 146.4 | 179.2 | 17 |
| Chicago IL | 46.0 | 126.6 | 148.5 | 18 |
| West Palm Beach-Boca Raton FL | 54.2 | 122.7 | 133.7 | 18 |
| Salt Lake City-Ogden UT | 45.6 | 97.5 | 191.1 | 20 |
| Oakland CA | 36.7 | 137.5 | 171.6 | 21 |
| San Jose CA | 34.6 | 141.9 | 164.1 | 22 |
| Los Angeles-Long Beach CA | 42.3 | 122.3 | 158.3 | 22 |
| Denver CO | 33.6 | 149.3 | 160.0 | 24 |
| Columbus OH | 50.1 | 123.4 | 115.1 | 24 |
| Tampa-St. Petersburg-Clearwater FL | 46.3 | 140.2 | 102.1 | 24 |
| San Francisco CA | 35.6 | 131.4 | 157.0 | 27 |
| Washington DC-MD-VA-WV | 45.8 | 105.1 | 115.5 | 28 |
| Minneapolis-St. Paul MN | 42.3 | 95.1 | 143.4 | 29 |
| Austin-San Marcos TX | 42.8 | 102.8 | 128.5 | 30 |
| Greensboro-Winston-Salem-High Point NC | 45.8 | 100.3 | 120.2 | 30 |
| Philadelphia PA-NJ | 39.3 | 122.6 | 133.4 | 32 |
| Cincinnati OH-KY-IN | 45.0 | 75.0 | 137.7 | 33 |
| San Antonio TX | 39.3 | 126.4 | 125.4 | 33 |
| Norfolk-Virginia Beach-Newport News VA | 43.8 | 61.4 | 139.3 | 35 |
| St. Louis MO-IL | 36.2 | 106.1 | 140.7 | 36 |
| Indianapolis IN | 43.8 | 92.7 | 123.2 | 37 |
| Ft. Worth-Arlington TX | 41.0 | 79.4 | 137.2 | 38 |
| Detroit MI | 40.8 | 100.4 | 124.1 | 38 |
| Bergen-Passaic NJ | 41.6 | 97.7 | 108.0 | 40 |
| Pittsburgh PA | 38.6 | 93.7 | 126.6 | 41 |
| Oklahoma City OK | 33.1 | 100.6 | 130.2 | 42 |
| New York NY | 38.3 | 96.5 | 116.2 | 43 |
| Baltimore MD | 44.0 | 61.2 | 95.5 | 43 |
| Nassau-Suffolk NY | 40.3 | 89.2 | 101.5 | 45 |
| Kansas City MO-KS | 33.7 | 75.8 | 129.7 | 46 |
| Milwaukee-Waukesha WI | 38.1 | 90.3 | 104.5 | 47 |
| Hartford CT | 33.3 | 81.9 | 113.9 | 48 |
| Newark NJ | 37.0 | 52.0 | 78.5 | 49 |
| Boston MA-NH | 34.3 | 42.2 | 54.2 | 50 |
| Metropolitan Area | Women-Owned Firms | Overall Ranking | ||
|---|---|---|---|---|
| Number of Firms | Employment | Sales ($000) | ||
| Total Top 50 MSA’s | 4,584,500 | 15,450,000 | 2,152,638,200 | |
| New York NY | 282,200 | 1,077,900 | 193,572,200 | 1 |
| Los Angeles-Long Beach CA | 360,300 | 1,056,600 | 181,455,900 | 2 |
| Chicago IL | 260,200 | 1,108,800 | 161,200,900 | 3 |
| Philadelphia PA-NJ | 144,600 | 695,900 | 90,231,000 | 4 |
| Houston | 136,400 | 560,100 | 78,180,300 | 5 |
| Washington DC-MD-VA-WV | 193,600 | 440,000 | 56,644,000 | 6 |
| Seattle-Bellevue-Everett WA | 105,200 | 645,900 | 87,347,900 | 7 |
| Dallas TX | 123,900 | 431,900 | 63,114,900 | 8 |
| Orange County CA | 113,600 | 396,000 | 66,269,900 | 9 |
| Nassau-Suffolk NY | 108,200 | 371,800 | 57,371,300 | 10 |
| San Diego CA | 102,700 | 571,900 | 46,179,800 | 11 |
| Atlanta GA | 138,700 | 331,800 | 50,206,800 | 12 |
| Detroit MI | 123,600 | 371,400 | 50,060,700 | 12 |
| Minneapolis-St. Paul MN | 119,600 | 337,400 | 51,063,400 | 14 |
| Miami FL | 91,900 | 397,900 | 51,018,000 | 15 |
| Phoenix-Mesa AZ | 94,500 | 406,100 | 47,060,000 | 15 |
| San Francisco CA | 91,000 | 345,800 | 54,178,100 | 17 |
| Boston MA-NH | 125,900 | 257,600 | 36,459,300 | 18 |
| Denver CO | 87,000 | 349,100 | 40,888,200 | 19 |
| Oakland CA | 91,900 | 250,200 | 36,040,300 | 20 |
| Portland-Vancouver OR-WA | 81,700 | 269,700 | 39,612,200 | 21 |
| Tampa-St. Petersburg-Clearwater FL | 83,800 | 368,600 | 25,863,400 | 22 |
| Cleveland-Lorain-Elyria OH | 68,800 | 320,500 | 31,437,200 | 23 |
| St. Louis MO-IL | 78,100 | 244,200 | 30,848,700 | 24 |
| Riverside-San Bernardino CA | 97,700 | 208,000 | 24,707,000 | 25 |
| Ft. Lauderdale FL | 67,300 | 189,100 | 31,679,700 | 26 |
| Pittsburgh PA | 62,300 | 201,000 | 27,673,000 | 27 |
| Bergen-Passaic NJ | 49,300 | 218,800 | 37,748,700 | 28 |
| Indianapolis IN | 55,200 | 216,600 | 25,908,000 | 29 |
| Baltimore MD | 84,300 | 163,100 | 23,539,200 | 29 |
| Newark NJ | 60,700 | 159,600 | 27,000,500 | 31 |
| San Jose CA | 60,500 | 172,200 | 24,847,600 | 32 |
| Orlando FL | 59,000 | 182,900 | 23,897,400 | 33 |
| Kansas City MO-KS | 58,500 | 123,200 | 26,040,000 | 34 |
| Sacramento CA | 62,200 | 140,500 | 18,624,800 | 35 |
| New Orleans LA | 39,800 | 218,300 | 23,747,800 | 36 |
| Columbus OH | 55,800 | 182,200 | 16,004,500 | 37 |
| West Palm Beach-Boca Raton FL | 50,300 | 157,900 | 19,482,700 | 38 |
| Cincinnati OH-KY-IN | 51,100 | 128,400 | 19,485,000 | 39 |
| Charlotte-Gastonia-Rock Hill NC-SC | 42,200 | 140,000 | 19,161,200 | 40 |
| Nashville TN | 42,700 | 139,300 | 17,323,700 | 41 |
| San Antonio TX | 42,200 | 138,800 | 11,560,100 | 42 |
| Ft. Worth-Arlington TX | 54,200 | 74,900 | 14,192,200 | 43 |
| Norfolk-Virginia Beach-Newport News VA | 41,300 | 89,500 | 16,716,300 | 44 |
| Milwaukee-Waukesha WI | 39,800 | 127,200 | 15,691,200 | 45 |
| Greensboro-Winston-Salem-High Point NC | 39,400 | 122,900 | 15,055,600 | 46 |
| Hartford CT | 35,900 | 116,600 | 15,137,000 | 47 |
| Oklahoma City OK | 40,200 | 92,100 | 11,219,500 | 47 |
| Salt Lake City-Ogden UT | 45,600 | 65,500 | 10,289,400 | 47 |
| Austin-San Marcos TX | 40,200 | 74,100 | 9,601,700 | 50 |
Citation
Center for Women’s Business Research. “Women-Owned Businesses Thrive in Nation's Top 50 Metro Areas.” Research Summary. June 29, 1999. Washington, DC.