CityLab editorial fellow Eillie Anzilotti takes a deep dive into new research that examines the growing number of women-owned businesses grows.
A new report from the Center for an Urban Future details the rates of growth for women-owned businesses between 2007 and 2012 in these cities, and the numbers are impressive. Nationally, the average rate of growth for women-owned businesses hit 27%, but 24 out of the 25 largest cities surpassed that number. Cities averaged a growth rate of 43%; Memphis topped the list with a 116% increase in female-owned firms, writes Anzilotti.
Jonathan Bowles, the executive director of CUF and an author on the report. “The economic landscape is shifting,” he tells CityLab. “At a time when large companies are decentralizing their operations or moving overseas or going to cheaper locales, what’s driving the growth in cities? Small-business entrepreneurs. And many of them are women.”
The data suggest that women-owned businesses could be a major source of new jobs if cities step in to help.
Read more about the report's findings and why they are important.