The Best States for Women in Business — 5 PIA Western Alliance States in the Top 15

Wells Fargo has issued its 2024 Impact of Women-Owned Business Report. It found that women now own 39% of the businesses in the United States. The report also noted the states where women fare the best in business. Five PIA Western Alliance states — New Mexico (5), Oregon (6), Nevada (11), California (12) and Washington (14) — are in the 15 best states.

Wells Fargo Women's Segment Lead for Small Business Val Jones said women-owned businesses employ 12.2 million workers and generate $2.7 trillion in annual revenue.

"The impact that women-owned businesses make on the economy is undeniable,” Jones said. "Even more impressive is that growth in women entrepreneurship — whether it was their workforce or revenue — grew during an extremely difficult time."

That extremely difficult time was the COVID pandemic.

The report found women owned businesses are housed mainly in three areas. The fourth area is a hodgepodge called “other services.”

• Professional services
• Administrative support
• Health and wellness
• What the report defines as “other services”

Here are some other interesting statistics from the report:

From 2019 to 2023 women established 94.3% more businesses

They employed 252.8% more people

Revenue was 82% higher

Close to 500,000 women-owned businesses had revenues of $250,000 to $999,999

    Nearly half a million women-owned businesses with revenues between $250,000 and $999,999 grew their aggregate revenues by about 30%, illustrating their ambition, grit, and readiness to cross the $1 million revenue threshold.

These are the states Wells Fargo says are the most hospitable to women and female entrepreneurs:

1. Vermont

2. (Tie) Massachusetts and Rhode Island

4. Maryland

5. New Mexico

6. Oregon

7. Connecticut

8. Colorado

9. Maine

10. Delaware

11. Nevada

12. California and Virginia

14. Washington

15. Wyoming

Source link: PropertyCasualty360.com — https://bit.ly/3ZMsEKx