Maine lags U.S. in growth of women-owned businesses
While Maine’s growth rate of women-owned businesses has increased in the last 15 years — and outpaces that of men-owned businesses or businesses with combined ownerships — the growth rate still ranks below the country as a whole.
The Kennebec Journal reported that Maine’s slow growth of women-owned business, which is behind the country by about 50%, is likely a result of the state’s low population growth. The findings come from the 2014 annual American Express OPEN State of Women-Owned Businesses Report, which analyzed U.S. Census data from 1997, 2002 and 2007.
The report found that women-owned businesses in Maine have grown by just over 34% since 1997, compared to the 68% nationwide rate. And while the 9.1 million women-owned businesses in the United States represent 30% of all businesses nationwide, they employ only 6% of the total national workforce.
The report ranked Maine 47th out 50 states and Washington D.C. for its economic clout ranking, which surveyed the growth of employment, number and revenue for women-owned businesses throughout the country. Julie Weeks, the report’s lead researcher, told the Kennebec Journal this is likely the result of the state’s low population growth.
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