This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Female Business Owners Are Growing Our Jobs

NEW YORK (TheStreet) -- With 500,000 Americans giving up looking for work, according to jobs figures from the U.S. Labor Department, and a paltry 88,000 jobs created in the U.S. last month, what's a frustrated job-seeker to do?

How about asking a female business owner for a job?

The chances, on a relative basis at least, are that you'll get one.

At least, that's the opinion of American Express (AXP) Open, from its State of Women-Owned Businesses Report.

The report says there about 8.6 million women-owned businesses in the U.S., producing $1.3 in revenues and employing 7.8 million Americans.

"The growth in the number, revenues and employment of women-owned firms over the past 16 years exceeds the growth rates of all but the very largest, publicly traded corporations in the country," the report says. In fact, women-owned businesses trail only publicly traded companies as the fastest-growing job engines in the U.S. in 2013.

Amex says that women-owned businesses added 175,000 net jobs across the U.S. since 2007, compared with a net decline of 569,000 jobs at privately held U.S. companies in the same period. Since 1997, women-owned firms rose by 59%, too, with the fastest growth coming from minority-owned businesses with women at the helm.

"The report underlines the important role women-owned firms have played throughout the economic recovery," says Susan Sobbott, president of American Express Open. "Women-owned businesses have been net job creators since 2007, a distinction shared by only large, publicly traded companies."

Where are the best opportunities for job-seekers?

Amex Open says the fastest-growing U.S. women-owned companies are education services, up 113% since 2002; waste services firms (up 58%); health care (up 45%); and transportation and warehouse-related firms (up 40%) -- all in the same period.

The best states to look for women-owned businesses skew toward the U.S. South, with the most welcoming states for female entrepreneurs including Georgia, which is up 112% since 1997, followed by Texas (93%), North Carolina (91%) and Louisiana (94%).

San Antonio, Texas; Portland, Ore.; and Houston, Texas, are at the top of the list of cities with the fastest-growing rates of women-owned businesses.

To find a women-owned company in your area, contact the Women's Business Enterprise National Council or ask your local Chamber of Commerce Office for help.

Stock quotes in this article: AXP 

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs