WASHINGTON, Oct. 14, 2016 /PRNewswire-USNewswire/ -- SCORE, the nation's largest network of volunteer, expert business mentors, has gathered statistics in honor of National Women's Small Business Month that show how 11.3 million women-owned businesses are making an impact on the American small business landscape. Data shows that women are currently majority owners of 38% of U.S. businesses, up from 29% in 2007, with these businesses employing nearly 9 million people and generating more than $1.6 trillion in revenue each year.

Women-owned businesses are hiring—and growing:

  • Since 2007, the number of women-owned firms has grown at five times the national average, with 1,072 net women-owned firms starting every day.
  • 84.6% of women start businesses because they see an opportunity—not because they're unemployed.
  • Since 2007, employment by women-owned businesses is up 18%, compared to a 1% overall average decrease in employment by small businesses.
  • Revenues of women-owned businesses have increased 35% since 2007, but only 1.8% of these businesses have revenue exceeding $1M (vs. 6.3% for men).

Entrepreneurial women of color lead the way:

  • Women of color now own nearly 5 million firms, accounting for 44% of women-owned businesses.
  • Nearly eight in 10 new woman-owned businesses launched since 2007 was started by a woman of color.

States with the highest percentage of women-owned businesses are:

  • Washington, DC: 45.2%
  • Georgia: 41.1%
  • Maryland: 40.1%
  • New Mexico: 40.1%
  • Illinois: 39%

Industries with the highest percentage of women-owned businesses are:

  • Healthcare/social assistance: 64.6%
  • Educational services: 56.9%
  • Other services: 52%
  • Administrative & support: 47.1%
  • Retail: 41.8%

Download this infographic for more data on the state of women-owned businesses in 2016. Connect with a SCORE mentor today for personalized help with starting or growing your small business.