North Carolina Women Mean Business
North Carolina is fast becoming one of the country’s major economic power players. Charlotte is already the second-largest banking and financial services center in the country, second only to New York City and ahead of places like Los Angeles, Chicago, and Miami. Meanwhile, North Carolina’s Research Triangle offers employers some of the country’s top talent, which helps employers and employees innovate, grow, and, most importantly, get paid. North Carolina is clearly a great place to do business, especially for women and real estate professionals.
According to one study performed by SmartAsset, the “chances for women to succeed” in 200 cities across the nation were evaluated based on the number of women who possess a bachelor’s degree, the number of business owners who are women, the number of full-time women earning $75k per year or more, and the cost of housing as a percentage of her income.
Considering North Carolina as a whole has experienced a significant amount of growth recently, it comes with little surprise that the state fares well for women in business and real estate. In fact, Cary, North Carolina tops the list, outranking other fast-growing metros like Washington, D.C.; Arlington, VA; and Seattle, WA. In Cary, a staggering 54% of local businesses are owned by women.
That’s not the state’s only spot on the top ten either. Durham, North Carolina also came in 9th. There, 47% of all business owners are women. Raleigh on the other hand ranked 24th out of the 200 surveyed cities.
Real Estate and Women in North Carolina
For entrepreneurial-minded women, real estate remains a popular avenue. In the United States, ~67% of all residential real estate agents are women. However, it wasn’t always that way. According to our video, “The History of Women in Real Estate”, women have played an essential role in the industry as early as 1794, but it wasn’t until the early 1950s that women broke through the field.
Even in today’s larger, more-inclusive industry, there’s a lot of work left to be done. In commercial real estate, women only make up 37% of the industry — a figure that’s remained stagnant for the past 15+ years.
Additionally, the CREW 2020 Benchmark Study Report notes that women in commercial real estate earn approximately 10% less than their male counterparts, and the commission and bonus gap remains at a staggering 56%. Still, progress is being made. Greater numbers of younger women are entering the industry than ever before.
In terms of markets, few are better for women looking to start their own real estate business than North Carolina. The state possesses a great mix of economic momentum, population growth, and relative affordability that makes for a very lucrative real estate play.
Considering women make up the majority of residential real estate agents, that’s great news for women looking to start a successful real estate enterprise. Of course, education is a major driver behind a lot of this success. In areas like the #1 ranked Cary, NC, more than 68% of women have a bachelor’s degree and in #9 Durham, NC, ~51% of women possess a bachelor’s degree.
As the economy in these major North Carolina business hubs grows, more women will ascend to new roles, earn more, and likely start more businesses. Already, the number of businesses owned by women is steadily increasing. Today, the state has over 330,000 women-owned businesses that have roughly a $40 billion impact on the economy.
“We’re ranked in the top 10 states in growth of the number of companies owned by women. North Carolina is an amazing place for women-owned businesses. We have access to so many resources, and some really amazing businesses have been created by women in North Carolina. It is a very supportive business community for women,” Wendy Coulter, president of the Greater Raleigh Chapter of the National Association of Women Business Owners, told Carolina Public Press.
All we can say is, keep up the progress by educating yourself and excelling!
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