November 13, 2017

Mass. woman-owned business growth slow

PHOTO/EDD Cote
Jennie Lee Colosi not only leads her family's construction firm but also held leadership positions with industry groups, such as Construction Industries of Massachusetts.

The number of woman-owned firms in Massachusetts has grown at a notably slower than that of U.S. women-owned firms, a new study finds.

According to the 2017 State of Women-Owned Businesses Report, commissioned by American Express OPEN, the number of woman-owned businesses in the state has grown by 50.4 percent since 2007, compared to 114.4 percent nationally.

Further, employment in those Massachusetts firms has grown by just 15.8 percent in the same time period, compared to 27 percent nationally, the report said.

Initial data didn't include numbers for the Worcester area, but data for Boston suggests a much slower growth. The number of woman-owned firms in Boston has grown by 33.6 percent, and employment by a 2.2 percent.

The state ranks just 46th in growth of woman-owned firms, 32nd in job growth and 31st in growth of firm revenues, according to the report.

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