Characteristics of Minnesota Business, All Firms Firms with Paid Employees Firms without Paid Employees. Number of Paid Employees

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1 Open for Business Women own one in four businesses in Minnesota, but the number of womenowned firms in the state grew at a surprisingly slow pace in the five years leading up to the recession. If you follow business trends, you might already know that Minnesota has some of the hardest-working women in the country. The labor force participation rate of women averaged 67.4 percent in percent higher than the national average. 1 Minnesota women don t just work in businesses, they own them, too. One in four Minnesota businesses is owned by a woman. Minnesota s Women Business Owners According to U.S. Census Bureau estimates, Minnesota had 133,141 women-owned firms in 2007 (see Table 1). 2 Minnesota s concentration of women-owned firms (26.8 percent) closely mirrored the national average of 28.7 percent in Minnesota ranked 19th nationwide in the number of women-owned firms in 2007, behind Midwestern states such as Illinois (343,151 firms) and Michigan (248,351 firms). About 12 percent of womenowned firms in Minnesota have paid employees. In 2007, these firms generated $16.2 million in sales, employed more than 140,000 people, and paid out $3.6 million in payroll. The majority of women-owned Table 1 Total Number of Characteristics of Minnesota Business, 2007 All with Paid Employees without Paid Employees Total Sales of Number of Sales of Number of Paid Employees Annual Payroll Number of Sales of All 496, ,152, , ,790,240 2,397, ,180, ,668 15,362,136 Women-owned 133,141 18,628,995 15,820 16,180, ,412 3,600, ,321 2,448,276 m i n n e s o ta e c o n o m i c tr e n d s d e c e m b e r

2 Table 2 Growth in Total Number of, Changes in Minnesota Business Ownership, 2002 to 2007 Growth in Total Sales of, with Paid Employees Growth in Number of, Growth in Sales of, without Paid Employees Growth in Number of, Growth in Sales of, All 12.0% 30.5% 2.2% 30.9% 15.3% 18.8% Women-owned 7.5% 14.6% -5.5% 14.4% 9.5% 16.1% Data on veteran-owned firms in 2002 were not available for Minnesota. firms in Minnesota have no paid employees. Sometimes called non-employer firms, these businesses file Internal Revenue Service tax forms as proprietorships, partnerships or corporations and have receipts of $1,000 or more. The women who own these firms might rely solely on these businesses for their income, or they might work as paid employees for other firms. Figure 1 The number of women-owned firms in Minnesota grew just 7.5 percent between 2002 and 2007, with growth exclusively in firms with no paid employees (see Table 2). In fact, Minnesota had the third-smallest growth rate of women-owned firms nationally between 2002 and Only Iowa (3.9 percent) and Nebraska (6 percent) had slower growth rates during that period. Women-owned firms grew by 20.1 percent on average nationally over the five-year period. The small growth of womenowned firms in Minnesota between 2002 and 2007 is lower than the 14.3 percent growth in women-owned firms between 1997 and Time and money are often cited for the rise in entrepreneurship among women. Creating a small business or becoming selfemployed might be one solution for women seeking an outlet for their creative talents and abilities while maintaining a work-life balance. These are issues that haven t necessarily diminished since Health care and social assistance Professional and technical services Retail trade Other services Administrative and support services Real estate and rental and leasing Arts, entertainment, and recreation Educational services Construction Finance and insurance Accommodation and food services Manufacturing Wholesale trade Information Transportation and warehousing Agriculture Women-Owned in Minnesota by Industry, 2007 with paid employees without paid employees 0 5,000 10,000 15,000 20,000 So it is not clear why womenowned firms in Minnesota did not expand as fast as the rest of the country or whether the recession was a factor. The preliminary estimates presented here are from the 2007 Survey of Business Owners, which largely preceded the recession of Unfortunately, we will need to wait until 2012, when the next large-scale Survey of Business Owners is conducted, to determine the long-term effects of the recession on the gender makeup of business owners in Minnesota. 24 m i n n e s o ta e c o n o m i c tr e n d s d e c e m b e r

3 Types of Women-Owned Businesses in Minnesota Women-owned businesses are found in every industry sector in Minnesota. Figure 1 displays the industry distribution of womenowned firms in Minnesota in The health care and social assistance sector accounts for the largest number of women-owned firms for both paid employees (2,168 firms) and nonpaid employees (20,542). This sector includes child day care services, one of the largest types of nonemployer firms in health care and social assistance. 3 Large numbers of Minnesota women also owned firms in the professional and technical services (20,966), retail trade (19,115) and other services (18,782) sectors. The other services sector includes personal care services, such as hair and nail salons. Some industry sectors had high concentrations of businesses owned by women in 2007 (see Figure 2). More than half of health care and social assistance firms (53.2 percent) in Minnesota were women-owned, as were 43.3 percent of educational services businesses. More than onethird of Minnesota firms in other services, retail trade, and administrative and support services were owned by women. On the other hand, the concentration of women-owned companies in construction (6.8 percent), management of companies (4.6 percent) and mining (3.2 percent) is small. Not surprisingly, the types of firms owned by women are in industries most likely to employ women. In 2007, the highest concentration of women in Minnesota were employed in health care and social assistance (79.8 percent), educational services (64.3 percent), other services (56.6 percent) and retail trade (52.2 percent), which had the highest concentrations of women-owned firms (see Table 3). The biggest disparities between ownership and industries where women are employed are in finance Figure 2 Health care and social assistance Educational services Other services Retail trade Administrative and support services Arts, entertainment, and recreation Professional and technical services Information Real estate and rental and leasing Accommodation and food services Manufacturing Wholesale trade Finance and insurance Transportation and warehousing Utilities Agriculture Construction Management of companies Mining Percent of Women-Owned by Industry, % 43.3% 36.5% 34.7% 34.6% 30.3% 29.6% 29.4% 20.2% 20.0% 16.3% 15.0% 14.5% 7.2% 7.1% Women own about 27 percent of all businesses in Minnesota. 7.0% 6.8% 4.6 % 3.2 % 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% Percent of Total in Minnesota m i n n e s o ta e c o n o m i c tr e n d s d e c e m b e r

4 Figure 1a Employment Figure 1b Percent of Total Awards 1,360,000 1,340,000 1,320,000 1,300,000 1,280,000 1,260,000 1,240,000 1,220, % 80% 60% 40% 20% 0% Just the Facts, Ma am Recent news headlines have proclaimed 2010 as the end of men. This statement is not as ominous as it sounds. Rather, women now make up the majority of some areas that were previously dominated by men. For the first time, women now make up the majority of the national workforce. Women are more likely than men to pursue post-secondary education. In fact, the National Center for Education Statistics projects that women will earn 60 percent or more of all associate, bachelor s and master s s awarded by The fastestgrowing jobs are projected to be those in the health Minnesota Employment by Gender, 2000 to 2009 care industry, occupations typically dominated by women. This means that women may be bestpositioned for the jobs of the future Women Men Men Women Awards Earned by Gender in Minnesota, % 38% 43% 61% 62% 57% Certificates Associate Bachelor's 30% 70% Master's Endnotes 44% 56% Doctorate 1 National Center for Education Statistics, Digest of Education Statistics, U.S. Census Bureau, Population Estimates. 3 Bureau of Labor Statistics, Geographic Profile of Employment and Unemployment, U.S. Census Bureau, Quarterly Workforce Indicators. 5 Minnesota Office of Higher Education. So, how do men and women in Minnesota compare? In 2009, women outnumbered men in Minnesota. 2 The labor force participation rate of women was 67.4 percent in 2009, 14 percentage points higher than the national average. 3 Minnesota ranks sixth nationwide in the labor force participation rate of women, behind Vermont (68.8 percent), Iowa (68 percent), South Dakota (68.2 percent), North Dakota (67.7 percent) and Nebraska (67.6 percent). Employment in Minnesota totaled 2,540,883 in third quarter 2009: 50.9 percent women (see Figure 1a). 4 During the school year, Minnesota schools awarded 70 percent of master s s, 62 percent of associate s, 57 percent of bachelor s s and 56 percent of doctoral s to women (see Figure 1b). 5 T 26

5 Percent of Women-Owned Compared to Industry Employment in Minnesota, 2007 Percent of Owned by Women, 2007 Concentration of Female Employment, 2007 Health care and social 53.2% 79.8% assistance Educational services 43.3% 64.3% Other services 36.5% 56.6% Retail trade 34.7% 52.2% Administrative and support 34.6% 44.2% services Arts, entertainment and 30.3% 49.7% recreation Professional and technical 29.6% 48.9% services Information 29.4% 46.6% Real estate and rental and 20.2% 51.1% leasing Accommodation and food 20.0% 57.1% services Manufacturing 16.3% 30.4% Wholesale trade 15.0% 30.7% Finance and insurance 14.5% 62.0% Transportation and 7.2% 27.0% warehousing Utilities 7.1% 28.7% Agriculture 7.0% 29.9% Construction 6.8% 13.0% Management of companies 4.6% 49.7% Mining 3.2% 8.8% ; U.S. Census Bureau, Quarterly Workforce Indicators For more information on women-owned businesses in Minnesota, please visit: Women s Business Development Center of Minnesota w w w. w b d c. o r g / M N / D e f a u l t. a s p x Minnesota Chapter of National Association of Women Business Owners w w w. n a w b o - m n. o r g Women in Leadership: How Minnesota s Top Public Companies Rank, a report produced by St. Catherine University and the Minnesota Women s Economic Roundtable w w w. s t k a t e. e d u / m n _ c e n s u s / 0 9 / i n d e x. h t m l Table 3 and insurance, where women make up 62 percent of total employment in Minnesota but only 14.5 percent of business owners. Likewise, women account for nearly 50 percent of the employment in management of companies, but less than 5 percent of the companies in that sector are owned by women. More Than Just Ownership It is important to note the role that women play in corporate leadership positions. In 2009, none of Minnesota s 17 Fortune 500 companies was led by a woman. 4 All but one of Minnesota s Fortune 500 firms, however, had at least one women corporate director. In all, women hold 15 percent of executive officer positions in Minnesota s 100 largest publicly held companies, and the majority of these positions are human resources executives. The percentage of women executives has declined slightly from 16 percent in Conclusion Rachel Vi lsack The role of women in Minnesota s economy should not be overlooked. They make up a majority of the state workforce and own one in four businesses. It has been widely reported that women fared better than men during the early part of the recession. m i n n e s o ta e c o n o m i c tr e n d s d e c e m b e r

6 Women dominate employment in education and health care services, the two sectors that grew in Minnesota during the recession. Those two sectors are projected to grow the fastest in the state between 2009 and 2019, adding an estimated 120,500 jobs. Not only will women fill many of those jobs, but they will have a hand in creating them. A national report estimates that women-owned small businesses will be responsible for one-third of new employment by 2018, or 5 million jobs. 5 T Status of Women and Girls in Minnesota A major research report on the status of women and girls in Minnesota was released in June by the Women s Foundation of Minnesota in partnership with the Center on Women and Public Policy at the University of Minnesota s Humphrey Institute. The report covers economic, safety and security, health and leadership topics. More than 100 experts from the nonprofit and private sectors, academia, government, public office and philanthropy participated in a working group to identify key issues and review data on women and girls in Minnesota. Here s a snapshot of some of the report s findings: Women make up the majority of Minnesota s workforce. Endnotes 1 Bureau of Labor Statistics, Geographic Profile of Employment and Unemployment, Every five years the U.S. Census Bureau conducts a Survey of Business Owners to identify the economic and demographic characteristic of U.S. firms and business owners by gender, race and ethnicity. This data series available since 1972 as a part of the economic census includes businesses with paid employees and those with no paid employees that file Internal Revenue Service tax forms as proprietorships, partnerships or corporations and have receipts of $1,000 or more. Business ownership is defined as having 51 percent or more of the stock or equity in the business. The data presented here were released in July 2010 and are preliminary. 3 Annual non-employer statistics are available from the U.S. Census Bureau. These data summarize non-employers by geography and detailed industry, but not gender. In 2008, 60 percent of non-employer firms in the health care and social assistance industry were in child day care services. 4 St. Catherine University and the Minnesota Women s Economic Roundtable, Women in Leadership: How Minnesota s Top Public Companies Rank, The Guardian Life Small Business Research Institute, Women Small Business Owners Will Create 5+ Million New Jobs by 2018, Transforming the Workplace for Millions of Americans, December Forty percent of Minnesota mothers are the primary breadwinners for their families. A wage gap in pay shortchanges Minnesota women and their families an average of $11,000 each year, or $1 million over each woman s lifetime. Female-headed households are more likely to be in poverty in Minnesota. Women over age 65 are more than twice as likely as men to live below the poverty line. Minnesota s African American and American Indian women experience higher rates of poverty than the national average. View the full report online at w w w. w f m n. o r g 28 m i n n e s o ta e c o n o m i c tr e n d s d e c e m b e r

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