2024 Impact of Women-Owned Businesses
The 2024 Wells Fargo Impact of Women-Owned Businesses—an inaugural report—chronicles the economic upheaval caused by COVID-19 and how it opened opportunities for women to launch new businesses and grow their existing businesses. Today, 14 million women-owned businesses make up 39.1% of all US businesses—a 13.6% increase from 2019 to 2023—and they are coming out of the pandemic stronger than the 2008 financial crisis, especially those owned by women of color. The report highlights the impact of gender, race, business size, industry, and geography; it aims to explain the causes that underlie the patterns.
The report provides the women’s enterprise development community—entrepreneurial support organizations, funders, elected officials, customers, suppliers, and women entrepreneurs themselves—with information and intelligence that can inform practices, policies, and advocacy efforts that encourage successful business outcomes. Data can be used to help unleash the untapped potential of women business owners to grow the U.S. economy, create jobs, increase innovation, and build wealth.
All reports are available below.