By Mike Benbow
Herald Writer
Business ownership by women in the Seattle-Bellevue-Everett area grew significantly during the past five years, a study released Tuesday shows.
The study, by the Center for Women’s Business Research, noted that women own one-third of the private companies in the metropolitan area, up 19 percent from 1996.
There are an estimated 71,411 private companies owned by women in the area. Those firms employ 96,000 people and have sales totaling an estimated $12.8 billion, according to the study.
The study, based on Census Bureau data, projects that sales at women-owned companies in the metropolitan area next year will be up 56 percent over 1997 levels, when the last economic census was conducted. That compares with a nationwide increase projected at 40 percent.
The study ranks the area 17th among the top 50 metropolitan areas in the country in the number, employment and sales of women-owned companies, 30th in terms of percentage growth from 1997 and third in terms of the percent share of women-owned firms among all companies.
The 10 fastest-growing areas for women-owned business were mostly in the West and Southwest.
New York leads the nation in the number of women-owned companies — with an expected 230,765 such enterprises by 2002, according to the Center for Women’s Business Research. Los Angeles was No. 2.
The study estimates that by next year, there will be a record 112,700 companies nationwide owned by females notching annual revenues of more than $1 million. And while that’s less than 2 percent of all women-owned privately held companies, women’s business advocates say it’s enough of a market now to attract attention from the financial community, especially venture capitalists, which can help fuel additional growth.
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