Women owned businesses are helping to drive the U.S. economy. A new report, from Wells Fargo, highlights the overall impact of female businesses in the U.S. and their demographic makeup. The 2024 Wells Fargo Impact of Women-Owned Business Report was done in partnership with Ventureneer, CoreWoman and Women Impacting Public Policy (WIPP). 

The report found that women-owned businesses now represent more than 39 percent of all businesses in the U.S., totaling more than 14 million. These businesses employ 12.2 million workers and generate more than $2.7 trillion in revenue.

Women held their own during the 2020 pandemic, launching more businesses than they closed, unlike men-owned businesses, which saw a decline. Women-owned businesses saw an increase in their workforce and revenues, while men-owned businesses saw both factors decline. 

Women-owned businesses outpaced male-owned businesses in both growth, employment and revenue between 2019 and 2023. Women-owned businesses added 1.4 million jobs and more than $579 billion in revenue to the economy.

Additionally, nearly half a million women-owned businesses with revenues between $250,000 and $999,999 grew their aggregate revenues by approximately 30 percent.

“The impact that women-owned businesses make on the economy is undeniable. Even more impressive is that growth in women entrepreneurship—whether it was their workforce or revenue—grew during an extremely difficult time,” said Wells Fargo women’s segment lead for small business, Val Jones. 

“From the trillions in revenue they contribute to the economy to the millions in jobs, women-owned businesses are coming out of the pandemic stronger than when they went into the pandemic, and many are thriving. It’s a testament to their resiliency and the breadth and depth of support they’ve received from government entities, banks, corporations and philanthropic organizations that must be sustained.”

The pandemic also saw an increase in businesses owned by Black/African American and Hispanic/Latino women, increasing by 32.7 percent and 17.1 percent, respectively. 

Women-owned businesses with 50 or more employees also saw significant growth over the past 5 years, with average revenues of $31.8 million, $1.3 trillion in aggregate revenue, far outpacing men-owned businesses which would add $1.2 trillion in revenue to the U.S. economy if the same pace was achieved. 

“The surge in growth rates of women-owned firms with more than 50 employees proves their strength and adaptability during the pandemic and post-pandemic,” said Judith Goldkrand, Wells Fargo Women's segment lead for commercial banking. “To sustain the growth and close the gaps, it’s important that we continue to create opportunities that help these businesses flourish, including removing barriers to capital, providing technical assistance and offering support with business certification.”