Montana has an estimated 36,500 women-owned businesses, employing 34,400 and attributing to roughly $4,654,100,000 according to the eighth annual State of Women-Owned Businesses Report, commissioned by American Express, a comprehensive report analyzing data from the U.S. Census Bureau’s Survey of Business Owners and factoring in relative changes in Gross Domestic Product (GDP).
New this year, the report looks back to 1972, the first time the U.S. Census Bureau provided data on minority- and women-owned businesses. Nationally, the number of women-owned businesses increased a dramatic 31 times since 1972 —from 402,000 to 12.3 million in 2018. Employment during that time grew 40-fold from 230,000 to 9.2 million, and revenues rose from $8.1 billion to $1.8 trillion? 217 times greater.
Montana is ranked 35th in growth of number of women-owned firms since 2007 with a 29.9% increase, 22nd in growth of jobs created with a 20.5% increase and 24th in growth of firm revenues with a 37.0% increase. That being said, Montana ranks 29th in economic clout – a ranking of all 50 states (plus DC) by the combined growth rates of women-owned businesses for number of firms, employment and revenues.