December 16, 2010
Nationally and in Texas, women-owned firms are on the upswing
07:46 AM CST on Wednesday, December 8, 2010
By SHERYL JEAN / The Dallas Morning News
Womens business ownership made big strides in Texas and nationally from 2002 to 2007, growing at four times the rate of mens ownership, according to details released Tuesday by the US Census Bureau.
However, men still controlled the bulk of businesses, payroll and sales.
Women owned 7.8 million businesses nationwide in 2007, up 20 percent from 2002, the last time the Census Bureau conducted its Survey of Business Owners. They accounted for 29 percent of private firms.
Texas ranked second nationally with 610,162 women-owned businesses, up 30 percent from 2002. They accounted for 28 percent of private businesses statewide. California had the most women-owned firms at 1 million.
Cynthia Pharr Lee, co-founder of Texas Women Ventures Fund, a Richardson firm that invests in women-led businesses, said the growth isnt surprising.
We see more women entering fields they havent been in before, becoming bolder about stepping out on their own, she said. We definitely see more women-owned businesses in manufacturing, construction and food manufacturing.
Census Bureau Deputy Director Thomas Mesenbourg said women business owners in 2007 had a major impact on the nations economy, employing 7.6 million people.
But women-owned businesses lagged in sales generation: Producing $1.2 trillion, or 4 percent, compared with $8.5 trillion, or 28 percent, for businesses owned by men.
Most US firms owned by women were small: Two percent had revenue topping $1 million and less than 1 percent employed 100 or more people. In Texas, businesses owned by women generated $96.3 billion in sales.
Dallas was No. 6 among US cities, with 33,390 women-owned firms. Houston was No. 4 (63,435), San Antonio was No. 8 (30,642) and Austin was No. 13 (22,701). New York was first with 305,145. Dallas-Fort Worth ranked as the seventh metropolitan area in women-owned firms, with 169,863. Men in Texas owned nearly 1.1 million firms, or 50 percent. Nationally, men owned 51 percent of private businesses. About 390,000 businesses in Texas and 4.6 million nationally were equally owned by men and women.