40 women in business statistics (and facts) for 2024 and beyond
Women are an integral part of the modern workforce in every sector, from boardrooms to offices and everything in between. Here at Expensify, our team is made up of dozens of women who are crucial to keeping things running behind the scenes. But we couldn’t help but wonder — how does the rest of the world view women in business? And is this demographic growing the way it should in 2024 and beyond?
To investigate further, we did some digging and found all the latest women entrepreneurs and business statistics you need to know. Let’s get started.
General statistics on women in the workforce
First things first, let’s look at data on women in the workforce as a whole to help us understand what the current state of business looks like. From total labor population to the current state of the gender pay gap, we dove deep into the data to learn more about this ever-important (and ever-growing) portion of the business population.
1. Just under 47% of workers in the United States are women. [1]
2. 77.5% of women ages 25 to 54 are employed or actively seeking work — a new record since the federal government began tracking labor participation in the 1940s. [2]
3. As of June 2023, the participation rate in the workforce for women between the ages of 25 and 54 set a record high for the third month in a row. [5]
4. U.S. women earned about $0.82 for every dollar a man earned, as of 2022 data. [6]
5. Canada, China, the United Kingdom, and the United States have the highest percentages of women participating in the labor force. [7]
6. More women are willing to negotiate for raises than men (31% vs. 29%). [4]
7. Women make up 29% of the manufacturing workforce, an all-time high. [3]
Fempreneurs: stats on women small business owners
Here at Expensify, we have a soft spot for small business owners. After all, we help thousands of them manage their company spend and get insight into their backend every single day! And as it turns out, women are doing the most when it comes to opening up small businesses across the country. But that doesn’t mean women in entrepreneurship don’t face hardships. Check out the women-owned business statistics below.
8. Women own almost 10 million businesses in the U.S. [8]
9. Women-owned businesses account for $1.4 trillion in receipts. [8]
10. Women have created about half of all new businesses for the third year in a row since the COVID-19 pandemic. [9]
11. 46% of American women entrepreneurs experienced gender bias when trying to raise capital. [9]
12. Hawaii, Virginia, and Colorado have the most women-owned businesses (24.7%, 23.7%, and 22.2%, respectively). [10]
Data on women founders, managers, and CEOs
Long gone are the days of boardrooms filled with only white men. Women continue to break the glass ceiling and take on well-deserved roles like board director, manager, and CEO. Although there is still a lot of work that needs to be done to address gender disparity in top corporate positions (and even in the classroom — don’t get us started on the teacher pay gap), the following data shows that things are slowly moving in the right direction.
13. Women account for 52% of all management-related U.S. occupations in 2021. [11]
14. 8.8% of the companies on Fortune 500’s 2022 list have women CEOs. [12]
15. Women represent 8.6% of all venture capitalists. [9]
16. Worldwide, over 20% of board director seats are held by women, according to 2019 data. [4]
17. For every 100 men promoted from entry-level to manager in 2023, 87 women were promoted. [13]
18. From 1982 to 2022, women in managerial occupations has risen from 26% to 40%. [6]
19. Women are most likely to be managers in the HR, Social Services, Education, and Food Service industries. [8]
Facts and figures on minority women in business
Historically, minority women have faced the biggest hardships and had to overcome the biggest hurdles when it comes to making their mark in the business world. But the silver lining? They are more than up to the task. As you can see in the data below, this demographic is growing, and they aren’t afraid to speak up for what they deserve.
20. Hispanic women’s labor force participation rate has risen 2% from 2022 to 2023. [14]
21. Black women’s labor force participation rate has risen 2% from 2022 to 2023. [14]
22. Approximately 57% of Asian American women are engaged in the current labor force. [17]
23. Women of color make up 10% of S&P 500 board directors. [15]
24. 88% of women of color say they want to be promoted, compared to only 80% of white women. [13]
25. 42% of newly created women-owned businesses have been started by Black women. [9]
26. 31% of newly created women-owned businesses have been started by Latino women. [9]
27. 38% of SBA’s Community Advantage Pilot Program loans went to Black-owned and Hispanic-owned businesses. [9]
Mother of all businesses — how moms are tackling business
There is much room for improvement in how mothers are treated in the workplace. With sky-high costs of childcare and shrinking family leave benefits, it’s hard not to get discouraged. But never underestimate the power of a mom! The following data shows both the positives — and the negatives — of our current culture regarding working mothers.
28. 70% of women with children under 18 are employed. [8]
29. Over 75% of women with children under 18 are employed full-time. [8]
30. Mothers are the primary breadwinner in 40% of American households. [8]
31. 61% of women in the workforce believe that motherhood disrupts their ability to progress in their careers. [4]
32. Mothers aged 25 to 44 are less likely to be in the labor force than women of the same age who do not have children. [6]
33. When it comes to women with similar levels of education, there is little gap in the earnings of mothers and non-mothers. [6]
34. Accessing and affording quality childcare is the number one reason women leave or change jobs. [9]
35. Women own an estimated 90% of childcare businesses and more than half are owned by women of color. [9]
Stats on the future of women in business
It’s clear to see in the statistics above that women are leading the pack when it comes to entrepreneurship, management, and overall small business ownership. But how will the labor market change for women when we look to the future? Let’s dive into the data.
36. By the year 2031, women aged 25 to 31 joining the workforce will increase by 6%. [16]
37. The Department of Labor projects that women aged 25 to 54 will add about 2.9 million more workers to the workforce over the next eight years. [16]
38. In the age of automation, it's estimated that 7% to 24% of women currently employed worldwide may need to transition across occupations. [7]
39. It’s estimated that 20% more job opportunities will be catered to women vs. 19% to men by 2030. [7]
40. If female labor market participation in the U.S. grew to the levels seen in other developed economies, the economy could receive a $1 trillion boost over the next 10 years. [9]
Who run the (business) world? Girls!
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Resources
Economic News Release: Employment Status of the Civilian Population by Sex and Age, U.S. Bureau of Labor Statistics
More U.S. Women Are Working Than Ever, Reversing Pandemic Slump, Bloomberg
More Women Join the Manufacturing Workforce, NAM
Women in the Workforce Statistics: Senior Roles, Maternity Leaves, Pay Gap in 2023, TeamStage
There Are More Women in the Workforce Than Ever Before, CNN
The Enduring Grip of the Gender Pay Gap, Pew Research Center
The Future of Women at Work, McKinsey Global Institute
Commissioner’s Corner: 12 Stats About Working Women, U.S. Bureau of Labor Statistics
Women’s Small Business Ownership and Entrepreneurship Report, U.S. Senate Committee
Women Business Ownership in America On the Rise, United States Census Bureau
Labor Force Statistics from the Current Population Survey: Employed Persons by Detailed Occupation, Sex, Race, and Hispanic or Latino Ethnicity, U.S. Bureau of Labor Statistics
Historical Women CEOs of the Fortune Lists: 1972-2023 (List), Catalyst
Women in the Workplace 2023, McKinsey & Company
April Jobs Report: Black Women’s Employment Rate at 22-Year High, University of Michigan Ford School
2023 U.S. Spencer Stuart Board Index, SpencerStuart
Working Women: Data from the Past, Present, and Future, U.S. Department of Labor Blog
Labor force characteristics by race and ethnicity, 2020, U.S. Bureau of Labor Statistics
