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Women-Owned Businesses See Dramatic Gain Over Past Several Years, Census Finds
Published on Dec 8, 2010
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A new report from the U.S. Census Bureau finds women-owned businesses grew substantially from 2002 to 2007. According to the report, women owned 7.8 million businesses in 2007, up 20 percent from 2002 and quadrupling the rate at which men's business ownership grew.
Still, the gap in business ownership by gender still remains, as the sector of women-owned ventures accounts for only 29 percent of all private companies.
Nonetheless, Cynthia Pharr Lee, co-founder of Texas Women Ventures Fund, says the increase is not surprising and is indicative of improving gender equality in the business sector.
"We see more women entering fields they haven't been in before, becoming bolder about stepping out on their own," she told the Dallas Morning News. "We definitely see more women-owned businesses in manufacturing, construction and food manufacturing."
The Census data also found that the majority of women-owned firms are small businesses, employing a total of 7.6 million people nationwide.
Although inequalities remain, the report is seen as good news to those who have decried workplace gender inequality. And as the economy is projected to rebound over the coming year, the figures are expected to grow even more, continuing to level the playing field and allowing women to more easily form a company.