NAMPA - A new report on women in business found that Idaho has seen some of the most dramatic growth in the country over the last five years.
The State of Women-Owned Businesses Report was commissioned by American Express to look at the growth in female-run businesses since 2014. While 42 percent of all businesses are now owned by women, the report found that the increases for those companies are not evenly distributed across the country or among career fields.
Idaho and Nevada were tied for the third-highest growth in the “economic clout” of female-run businesses, which includes the number of new companies as well as their revenue and number of employees. Over the last five years, Idaho ranked third in the number of new jobs created and sixth in the number of businesses owned by women.
Idaho’s pattern of growth can be traced back beyond the last five years. The number of women-owned businesses in the state has nearly doubled since 2002, going from 28,824 companies to more than 57,000. The most recent estimates have more than 2,000 of those business locations opening in the last year.
The American Express report also found that three industries have accounted for nearly half the growth in the number of female-run businesses: healthcare, professional services such as accounting and public relations, and personal services including pet and hair care.
Nationwide, the number of female-run businesses increased by 21 percent since 2014 while the number of employees at those businesses increased by 8 percent. Both of those rates are double the growth seen by new companies in general.