New York City leads the nation in the number of women entrepreneurs thriving in our neighborhoods. A whitepaper released today by SBS and supported by Citi reveals that women-owned businesses across the five boroughs employ over 190,000 people and generate approximately $50 billion in sales. In the past decade, women-owned firms grew by 43%, compared to 39% in overall business growth and 25% growth in men-owned businesses.
Despite the important economic impact and vibrant growth of women-owned businesses in New York City, men own 1.5 times more businesses than women, employ 3.5 times more people and make on average 4.5 times more revenue.
Furthermore, of the more than 4 million women and girls that call New York City home, 1 in 4 is economically vulnerable and close to 40 percent of single-mother-headed households are impoverished. These are sobering statistics but we have a profound opportunity to help.
Strengthening women’s entrepreneurship and business ownership across the five boroughs directly supports Mayor Bill de Blasio’s commitment to confronting inequality and building a more dynamic and robust economy in New York City.
WE NYC recognizes entrepreneurship as a pathway to economic security that can uplift New York City’s women, and with them, entire families and communities.