In 2023, Yelp's report revealed a significant trend: more women were starting new businesses in the home services industry than in the beauty sector. This trend contributes to the "she-economy," which refers to the economic growth driven by women. Notably, women are increasingly entering traditionally male-dominated fields like plumbing and HVAC repair.
According to Yelp, the number of home services businesses created by women increased by 38% in 2023, surpassing the national average growth rate of 32%. In specific areas like Boston, businesses in categories such as general contracting, electrician services, and flooring – all started by women – experienced remarkable growth percentages.
Moreover, the report highlighted a surge in women-owned businesses in the hospitality and travel sectors. Notably, the growth rate for women-owned hospitality and travel businesses outpaced the national average, indicating a significant industry shift. The cities of Miami, Los Angeles, and New York City stood out as the locations with the highest total number of new women-owned businesses.
Yelp trend expert Tara Lewis emphasized the significant impact of women entrepreneurs in the year 2023, expressing optimism about their continued influence in 2024. As homeowners increasingly focus on improving their living spaces and professionals adapt to hybrid work models, this trend is likely to persist.