Virginia sees 29.5 percent growth in number of women-owned companies since 2007

Published April 6, 2016 by Robert Powell, III

Virginia ranks 31st in the nation in the growth in the number of women-owned businesses during the past nine years, according to a report released on Wednesday.

However, the commonwealth came in No. 23 in revenue growth among these firms.

The sixth annual “State of Women-Owned Businesses Report,” which was commissioned by American Express OPEN, found that the number of businesses owned by women rose from 192,081 in 2007 to 248,800 this year, an increase of 29.5 percent. (All 2016 numbers in the report are estimates.)

That percentage lags the national growth rate of 45.2 percent during the same time. The number of women-opened businesses soared from 7.8 million in 2007 to an 11.3 million this year.

Nonetheless, Virginia women-owned firms matched the national average in sales growth and exceeded the U.S. rate in increased employment.

Sales at women-owned businesses in Virginia rose 35 percent from 2007 to 2016 (from $30.3 billion to $40.9 billion). For the U.S., sales also were up 35 percent, from $1.2 trillion to $1.6 trillion.

Meanwhile employment at Virginia businesses owned by women increased from 199,248 in 2007 to 264,600 this year, up 32.8 percent. Nationally, employment rose 18.4 percent, from 7.6 million to 9 million.

The report also lists statistics for two Virginia metro areas: Richmond and Virginia Beach.

In Richmond, the number of women-owned firms increased from 27,624 in 2007 to 40,200 (up 45.5 percent), while employment rose from 30,335 to 38,600 (27.2 percent) and sales advanced from $3.4 billion to $6.2 billion (81.9 percent).

The region ranked 25th among metro areas in growth in number of firms and fourth in revenue growth.

In Virginia Beach, the number of businesses rose from 36,445 to an estimated 47,900 (31.4 percent), the number of employees increased from 40,327 to 48,300 (19.8 percent) and sales rose from $6.6 billion to $7.4 billion (12.1 percent).

Virginia Beach ranked 39th in number of companies and 43rd in revenue growth.