On the recordApril 13, 1999
I rise today to salute our Nation's women business owners and to join my colleagues in the Congressional Women's Caucus in bringing to the forefront the impressive contributions women business owners are making to the strength and vitality of our economy. Over the past 2 decades, women-owned businesses have been amongst the fastest growing areas of our economy. In 1973, when I started my home-based law practice, women owned less than 5 percent of all businesses in the United States. By 1997, that figure jumped to 36 percent. Over the last decade, the number of women-owned firms increased by 89 percent nationwide. Employment nearly tripled and sales nearly doubled. Who are today's women business owners and how can we help ensure that they are free to grow and prosper? There are more than 8.5 million women-owned businesses in the United States, employing nearly 24 million people. That is more than all of the Fortune 500 companies combined. Where do we do business? Everywhere. Today, women own businesses in all sectors of the economy, not just in the service sector or the so-called traditional women-owned business areas. In fact, the top growth industries for women-owned businesses in recent years has been in construction, wholesale trade, transportation, communications, agribusiness, and manufacturing.
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