Utah's women entrepreneurs are carving out a larger slice of the business pie, a new report from the Utah Women & Leadership Project (UWLP) reveals. In an economy where small businesses play a vast and pivotal role, the report, "The Status of Women and Entrepreneurship in Utah: A 2025 Update," shows that female business ownership in the Beehive State has surged to impressive new heights. According to USU Today, the share of women-owned businesses grew significantly to 44.5% in 2024, up from 31% just four years earlier.
With the spotlight fixed firmly on national trends, it's clear that women-owned businesses have been growing steadfastly across the nation. From 2019 to 2024, these businesses increased by 12.4% to more than 14.5 million, as reported by the UWLP study. They continue to readily contribute to economic prosperity, with the employment figures at these enterprises soaring by 37.2%, and their revenue skyrocketing by 73.7%. This data, however, holds up a mirror to the persistent regional disparities, an issue that remains particularly poignant in Utah, where places like Salt Lake City rank at the bottom for female-owned business presence among large U.S. metros.
The industries where women have been traditionally wielding influence are healthcare, social assistance, professional services, and retail. But there has been a shift, and the terrain is expanding to embrace women-owned firms in real estate and even the transport and warehousing sectors, which have traditionally been male-dominated. Yet Susan Madsen, founder of the UWLP and co-author of the report, told USU Today that "Women-owned businesses are scarce in the most lucrative fields, such as construction and professional, scientific, and technical services."
Even as these businesses flourish, the realities they contend with are barriers steeped not only in gender disparity but also in issues of funding, accessibility to resources, and societal perceptions. Women receive a paltry 2.3% of the available funding, often having to rely on their savings to kick-start their ventures. In addition, they grapple with securing affordable child care, which in Utah corresponds to a mere 21% of the demand. Madsen emphasized the value of female-focused programs, which have been demonstrated to encourage women entrepreneurs significantly. Yet, despite these challenges, opportunities abound as the state pushes forward with initiatives like “A Bolder Way Forward,” aimed at fostering meaningful change across various sectors.
