L.A. Is No. 1 Metro Area for Women-Owned Firms
Los Angeles County is home to more women-owned businesses than any other metro area in the country, and those firms employ more than 1 million workers locally. Those are among the findings of a study to be released today that shows that employment and revenue growth in the nation’s women-owned firms continues to outpace the overall economy.
Nationwide there are now more than 9.1 million women-owned businesses, employing a total of 15.5 million workers and generating sales topping $2.1 trillion. While the number of firms increased 42% between 1992 and 1999, revenue and employment at women-owned firms more than doubled over that period, according to statistics from the study’s author, the National Foundation for Women Business Owners.
“The phenomenal growth in sales and employees underscores the real contribution these businesses are making to the economy,” said Bruce Rosenthal, spokesman for Silver Spring, Md.-based NFWBO. “We’re seeing successful and growing women-owned firms across all industries and regions of the country.”
The analysis of the nation’s top 50 metro areas revealed that Los Angeles County leads with an estimated 360,300 women-owned businesses, more than any other region. Those firms employ an estimated 1,056,600 people and generate sales of more than $181.5 billion.
However, NFWBO crowned New York the nation’s capital of women-owned businesses based on that metro area’s superior sales and employment figures. While the Big Apple has fewer female-owned firms than L.A. at 282,200, those companies are bigger and more established, employing 1,077,900 workers and posting combined sales of $193.6 billion.
Orange County ranked ninth on the list, with 113,600 women-owned businesses employing 396,000 people and posting combined sales of more than $66.3 billion. Mimicking national trends, Orange County firms multiplied fastest in nontraditional industries such as manufacturing and construction. Women-owned businesses in those sectors increased 65% between 1992 and 1999 in Orange County, compared with a 39% increase in the total number of female-owned companies in Orange County over the same period.
Sacramento, No. 35 on NFWBO’s list, emerged as the fastest-growing California home for female entrepreneurs. Its 62,200 women-owned firms represent a 50% increase over the last seven years alone.
NFWBO based its findings on 1987 and 1992 census data, projecting those trends forward. To get a copy of the study, contact NFWBO at (301) 495-4975 or visit the Web site at https://www.nfwbo.org.
