The "she"-conomy is booming and expanding
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Women opened more new home services businesses than beauty businesses in 2023, according to Yelp's report released Wednesday.
Why it matters: The trend is more evidence that the "she-conomy" — economic growth attributed to women and marked by "Barbie," Beyoncé's Renaissance tour and Taylor Swift last year — continues to expand.
State of play: Women are opening more businesses traditionally dominated by men, such as plumbing and HVAC repair, new findings from Yelp reveal.
- Listings within the home services category that were created by women grew 38% in 2023 from 2022, according to Yelp.
- That rate was greater than the national average of 32%.
Zoom in: In Boston, general contractor businesses listed by women grew 500%.
- Miami electrician and DC flooring listings started by women each saw 400% growth.
- Listings for pressure washing in New York City, home organization in Charlotte and handyman services from women in Chicago all grew by more than 200%.
Zoom out: Growth in women-created hospitality and travel businesses, including vacation rentals, travel agencies and limos, outpaced the national average — 44% vs. 28% — as events and get-togethers surged.
- Austin (up 34%), Miami (31%), Washington D.C. (25%), Denver (25%), and Orlando (22%) were the five metro areas with the highest growth.
- Miami, Los Angeles and New York City had the highest total number of new women-owned businesses last year.
What they're saying: "In 2023, women invested in themselves and their unique business ideas, helping create a banner year for entrepreneurs nationwide," Yelp trend expert Tara Lewis told Axios in a statement.
- "In 2024, we predict women will continue to make their mark in new industries and lead the cultural conversation."
Our thought bubble: So this explains my Instagram timeline full of miter saw content.
- The need and desire to spruce up living areas shouldn't be a surprise. After all, homeowners stayed put last year and managers became resigned to a permanent state of hybrid work.
