The rate at which women start businesses has doubled in the past 3 years, according to the 2014 State of Women-Owned Businesses Report commissioned by American Express OPEN.

The report further found that since 1997, women-owned firms have:

  • Increased in number by 68%
  • Grown revenues by 72%, and
  • Added 11% more jobs.

During the same period (from 1997 to 2014), businesses owned by women of color climbed 216% from about one million to an estimated 2,934,500.

This is great news for an economy in recovery: Women-owned businesses generate more than $1.4 trillion in revenues, employ 7.9 million people and account for 30% of all enterprises.

The report also included interesting stats about the states where women are starting businesses. These are the states where women have the most economic clout (in terms of growth in number, revenues and employment):

  1. North Dakota
  2. District of Columbia
  3. Nevada
  4. Arizona (tied for fourth)
  5. Georgia (tied for fourth)

Check out the full press release here!