Women-owned businesses on the rise

April 5, 2013 at 4:44 PM

NEW YORK, April 5 (UPI) -- U.S. businesses owned by women are now generating more than $1 trillion in revenue each year, an American Express report said.

The 2013 State of Women-Owned Businesses Report used data from a U.S. Census Bureau survey that is done every five years, the Los Angeles Times reported Friday.

Results of the latest survey are projections based on data from 1997, 2002 and 2007. The report says that revenue from women-owned businesses will reach $1.3 trillion in 2013. About 7.8 million people are employed by women-owned businesses.

Only one state has more than a million women-owned businesses, California, which has 1.1 million, the report says.

The report says the number of women-owned businesses has more than doubled since 1997, but their significance, compared with the rest of the business community has not changed much in that time.

Women-owned businesses generate about 4 percent of all the business revenue in the country and hire about 6 percent of the workforce. That is little changed since 1997, the report says.

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