Black women-owned businesses are growing faster than ever before.

While the number of women-owned businesses grew by 58% from 2007 to 2018, the number of black women-owned businesses grew by 164%, according to a report by American Express.

According to the report, of the more than 2 million black women-owned businesses reported in 2018, most of them were owned by women ages 35 to 54.

Data from The Federal Reserve Kansas City revealed that growth in the number of black women who own businesses significantly outpaced all women-owned firms from 2002-12 in total firms, firms with employees, sales growth and employee growth.

Black women reportedly represent 59% of all black-owned businesses, making black women the only women business owners with a higher share of business ownership than their male counterparts.

As of 2019, women of color account for 50% of all women-owned businesses employing more than 2 million people and generating $422 billion in revenue.

Fastest Growing States  

The latest data shows that Missouri had the fastest-growing number of black-women-owned businesses at 112%, followed by Kentucky at 109 %,  Georgia at 102 %, Texas at 78%, and New York at 72 %.

Challenges For Black Women-Owned Businesses

Despite the growth,  black-women-owned businesses face challenges.   According to the report from American Express, there are gaps in revenue when comparing the numbers between women of color and those owned by non-minority women.

As outlined in the report,  women of color average revenue dropped from $84,000 in 2007 to a little over $66,000 in 2018.

For non-minority businesses, however,  revenue increased from $181,000 to more than $212,000 during the same timeframe.