Utah Emerges as a Hub for Women Entrepreneurs Amid Thriving Economy

• Women throughout the U.S. are successfully establishing and operating businesses on a daily basis
• Utah is ranked as the 3rd best state in the country to begin a business
• The trend indicates that not only are women entering business but also that they are becoming leaders

Women throughout the country are starting and operating successful businesses every day. In Utah, just recognized as the third-best state in America to begin a business, more women are starting their own businesses and reaping the benefits of the state's strong economy.

This is a sign that not only are women entering the business world but also, more than ever before, they are becoming leaders.

Utah State University's Utah Women & Leadership Project (UWLP) has just released its newest report, The Status of Women and Entrepreneurship in Utah: A 2025 Update.

Building on earlier work in 2016 and 2020, the report chronicles women entrepreneurs' progress in Utah's growing economy as well as what remains to be done.

According to facts, state trends, and industry experts' opinions, the report provides an in-depth analysis of the current scenario relating to women-owned businesses in the state.

Between 2019 and 2024, women-owned businesses were a driving force of the U.S. economy. They grew 12.4 percent to more than 14.5 million businesses, making up 39.2 percent of all U.S. businesses.

Women-owned business jobs increased 37.2 percent, creating employment for 12.9 million jobs, and revenue grew 73.7 percent, to $3.3 trillion.

While women have traditionally specialized in service sectors such as health care, professional services, and retailing, increasingly in recent years more diversification has been occurring, with more women-owned businesses entering food and hospitality, real estate, transportation, and warehousing.

Utah also saw robust growth. The state had 287,803 small businesses with 572,888 employees representing 46.2 percent of the labor force in 2020. In 2024, this figure reached 371,569 firms, or a 29 percent increase, with small business employment increasing 20.5 percent to 690,069 employees (45.4 percent of the labor force).

The percent of female-owned firms saw an upswing dramatically, increasing from 31 percent in 2020 to 44.5 percent in 2024.

"Although women business owners in Utah enjoy the economic health of the state, there is still a wide gap with the experience of men," observed Susan Madsen, creator of the UWLP and co-author of the study.

She added that women-owned businesses are still underrepresented among high-value industries like construction and professional, scientific, and technical services.

Utah also saw robust growth. The state had 287,803 small businesses with 572,888 employees representing 46.2 percent of the labor force in 2020.

In 2024, this figure reached 371,569 firms, or a 29 percent increase, with small business employment increasing 20.5 percent to 690,069 employees (45.4 percent of the labor force). The percent of female-owned firms saw an upswing dramatically, increasing from 31 percent in 2020 to 44.5 percent in 2024.