On American Business Women’s Day, we celebrate women across the United States who participate in the workforce, including the millions of ambitious women who have followed their dreams to start and own a business. Our Nation recognizes and honors the success of these hardworking Americans and renews our pledge to seek an environment in which women have the opportunity to choose any career path and excel in any field. We also acknowledge all those who have supported and empowered young women around the world to believe in their limitless potential, develop a strong work ethic, and venture confidently into today’s dynamic marketplace.
Women are key to the greatest success stories in every sector of our economy. Now more than ever, they are breaking barriers, thriving as business leaders, and creating jobs. There is no better time for women to start or expand a business. Women are the fastest growing group of entrepreneurs in the country, and they now own more than 40% of all businesses in America—indeed, between 1972 and 2018, the number of women-owned businesses increased 31 times. Our Nation applauds the contributions of more than 12 million women-owned businesses, 4.5 million of which are owned by Latina and African-American women. These women-owned firms are estimated to contribute $1.8 trillion in revenues in 2018 to the American economy.
My Administration is committed to supporting the advancement of women in the workplace. In the wake of our thriving economic policies, including the enactment of the Tax Cuts and Jobs Act and the elimination of many unnecessary and burdensome regulations, the unemployment rate for women is near a historic low. In 2017, the Small Business Administration increased funding to women-owned businesses by nearly $128 million. We also fought for parents by passing legislation that doubled the child tax credit. Additionally, my budget proposal is the first ever to call for a national paid family leave program for all new mothers and fathers, including adoptive parents. I continue to call on Congress to pass such a program to help women succeed in the workforce and provide for their families.
As we celebrate American Business Women’s Day, let us reflect on the many extraordinary ways women have contributed to our Nation’s greatness through their hard work and determination.