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Virginia a Growing Hotbed For Women-Owned Businesses

Virginia a Growing Hotbed For Women-Owned Businesses
A recent study by Chmura Economics & Analytics, a Virginia-based economic consulting firm, showed that women-owned firms are growing at a pace faster than any other businesses in Virginia. In fact, the growth is so good that the state is offering $400,000 in loan funding for small, women- and minority-owned businesses.

According to U.S. Census Bureau information, 36 percent of all businesses in Virginia are owned by women. In 2012, Virginia was #12 in the nation for women-owned firms with 237,371. But in 2015, that number is estimated to be 277,154. Christine Chmura, owner of Chmura Economics, revealed that women-owned businesses in Virginia are growing four times greater than the total growth of all firms in the state.

Women contributing to economic growth

In 2012, firms owned by women in Virginia were responsible for $45 billion in economic growth. In 2015, that growth is expected to be $57.2 billion, which is an annual increase of 8.3 percent. As Chmura stated, “The state of women-owned firms is good here and nationally.” However, she did note that there is room for improvement in the construction industry for women-owned firms.

If more women tap into the construction industry, they will be able to increase their economic growth even more by getting government contracts. Women-owned businesses are defined as companies that are 51 percent or more owned by women.