There are 2.4 million firms owned 50 percent or more by women of color in the U.S., employing 1.6 million people and generating nearly $230 billion in sales.

Women-owned firms employ 13 million people and generate $1.9 trillion in sales according to data from the Center for Women’s Business Research. The group recently released their annual "fact card" about Women Owned Business' in the U.S.

The Center for Women’s Business Research launched the ’fact card’ 14 years ago. “Since then it has expanded from four panels to 10 panels of the most up-to-date knowledge about women-owned businesses,” said Margaret M. Smith, chair, Center for Women’s Business Research.

In addition to the number of women-owned firms, the fact card contains the following data:

- Between 1997 and 2006, majority women-owned firms (51 percent or more women-owned) grew at twice the rate of all firms (42 percent vs. 24 percent).

- The vast majority (83 percent) of women business owners are personally involved in selecting and purchasing technology for their businesses.

- Women owners of firms with revenues of $1 million or higher embrace financial measurements as management tools and produce more financial reports more often than smaller firms.

- There are 2.4 million firms owned 50 percent or more by women of color in the U.S., employing 1.6 million people and generating nearly $230 billion in sales.

- More than two-thirds (67 percent) of women business owners choose financial products and services based on their relationship and experience with a lender.

MassMutual underwrites the annual project. “The fact card speaks to the increasingly important and influential roles that women play as business owners, employers, and consumers,” said Susan W. Sweetser, Vice President, Focus Markets, MassMutual.