Nearly 98,000 women-owned businesses operate in the state; firms which employ about 93,000 workers and generate an estimated $15 million in revenue.

The American Express OPEN State of Women-Owned Business, a report based on data released by the U.S. Census Bureau, shows that, nationally, the number of women-owned businesses has increased 50 percent since 1997.

According to the census numbers, Connecticut is ranked 32 with a 35 percent growth in the number of firms during the past 14 years. In addition, the state is ranked 17 (66.4 percent) in the growth of firm revenue during the same time period.

The percentage of growth is lower than the national average, explains the author of the report, but in terms of revenue, Connecticut is ranked higher than the national average.

"What that says to me is that there are not as many new women-owned firms, perhaps due to demographic trends," says Julie Weeks, American Express OPEN research advisor. "If the population is not growing, it stands to reason that the number of businesses aren't growing."

But in terms of money going into a company's coffers, Connecticut women are ahead of the curve.

"It looks to me as if the existing firms in the state are more robust than average in terms of economic clout," says Weeks, who notes a 17 percent growth in employment in the state compared to only 8 percent nationwide.

Conversely, the percentage in growth of firm revenue is more than 13 percent higher than the national figure of 53 percent. "Women who own businesses in Connecticut are growing them faster than in other states," she explains.

The report does not specify the number of women-owned firms within specific industries; however, it does take note of the growing diversity between the number of traditional and non-traditional owned businesses. There is a 29 percent share of women in all industry sectors.

"Although construction is still male-dominated and health care is still female-dominated, most others have a very healthy share of women-owned businesses," she says. "Ten to 20 years ago, it was a challenge getting more women into business, but now the challenge is more likely to be how to foster their growth."

Policies that foster women entrepreneurs are still focusing on the very small business, says Weeks. To ensure the proliferation and long-term success of women-led firms, policymakers at the local, state and national level need to have more proactive discussions about growth.

She also suggests that more role models and mentors are needed for women at the 100 employee/$1 million level.

"I found that at every (company) size growth was keeping up with the pace of business. The stumbling block for growth appears to be at the higher level," she says. "There's something going on and I don't know what that is."

To read the full report, visit www.OPENForum.com/women.