Women-owned businesses in New Jersey have earned $54.8 billion in revenue in 2018, already surpassing the total revenue for 2017 by 3.7 percent, according to a new survey
American Express released the numbers Tuesday in its “The State of Women-Owned Businesses Report,” based on U.S. Census Bureau’s Survey of Business Owners and relative changes in gross domestic product.
Since 2007, New Jersey has seen a 31 percent increase in women-owned businesses, the report said; currently, there are about 279,600 women-owned businesses in the state that employ 268,600 people.
These businesses have seen a 4.7 percent increase in job growth and 33 percent increase in revenue, the report said.
Overall, New Jersey ranks 41 out of 50.
“While [41 out of 50] looks a little disappointing for New Jersey, when you overall understand the reasons women become entrepreneurs, it might not be so disappointing,” said Geri Stengel, American Express research advisor. “Many have been necessity entrepreneurs. As the economy gets better, necessity entrepreneurs return to the workforce. So it’s not necessary bad. You have to have context.”
So the fact that New Jersey is not keeping pace with the rest of the country might be a good thing, Stengel said.
“The women that are staying as entrepreneurs are women who’ve had successful businesses,” she said. “It didn’t happen to them — they did it because they saw an opportunity in the marketplace.
“You would have seen in this year particularly that opportunity entrepreneurship is returning. That’s when you see something in the market missing. Those businesses have higher survival rates, and they go on to bigger, healthier businesses.”