Betsey Guzior, Bizwomen engagement editor
Women started new businesses at the rate of 1,821 a day between 2017 and 2018, according to new research from American Express.
In its eighth annual State of Women-Owned Businesses Report, American Express found that women-owned businesses now employ 9.2 million people and generate $1.8 trillion in revenue.
The pace of business creation in the last year is the fastest since 2002, according to the report. Between the years of 2002 and 2007, the average number of new women-owned business started each day was 714.
Businesses started by women that generated revenues of more than $1 million a year increased 46 percent in the last 11 years, compared to a 12 percent increase for all businesses, per AMEX
“This new data demonstrates not only the remarkable impact women entrepreneurs have on our economy when it comes to creating jobs and generating revenue, but also the growing role of women-owned businesses in our communities,” said Julie Tomich, SVP, American Express Global Commercial Services.