Women have long been central to the growth of the American economy, yet their path to building businesses and wealth has not been equally accessible. Despite making up roughly half of the population and driving innovation across industries, women have historically faced barriers to entrepreneurship, capital, and long-term wealth creation.

On March 8th, International Women’s Day is celebrated worldwide. At Cast, we celebrate women business leaders who continue to push boundaries, uplift others, and create opportunities! Their resilience strengthens not only individual businesses, but the broader economy and communities around the world.

Women in Business Throughout History

While women have long contributed to the U.S. economy, meaningful access to financial independence and entrepreneurship only began expanding in the late 20th century. Until the 1970s, many women faced legal barriers that limited their ability to build credit, secure loans, or start businesses without a male cosigner.

Major legislative changes helped shift this landscape. The Equal Credit Opportunity Act of 1974 allowed women to apply for credit in their own name, opening the door to greater financial autonomy and entrepreneurship. Over the following decades, women’s participation in the workforce and business ownership grew steadily, reshaping industries and expanding their economic influence.

By the 1980s and 1990s, women were launching businesses at rapidly increasing rates and becoming a powerful force in the U.S. economy. Despite longstanding barriers, their contributions have fueled job creation, strengthened communities, and helped drive sustained economic growth.

Driving Impact

Today, women-owned businesses are a powerful force for innovation, job creation, and community investment across industries. When women succeed as entrepreneurs and leaders, the benefits extend far beyond their own companies, strengthening local economies and driving broader economic growth.

Research supports this impact. Moody’s Analytics estimates that closing the gender gap in economic empowerment could boost the global economy by as much as $7 trillion. Their analysis also finds that companies that expand employment and leadership opportunities for women tend to experience stronger organizational performance and long-term growth.

Women have also played a critical role in recent economic recovery. According to the U.S. Senate Committee on Small Business & Entrepreneurship, women created roughly half of all new businesses between 2020 and 2022, helping drive America’s rebound from the COVID-19 pandemic.

These gains highlight the enormous potential women bring to the economy. Yet despite this progress, opportunities and outcomes remain uneven.

Looking Ahead

Women entrepreneurs continue to reshape industries, launch innovative companies, and strengthen local economies across the country. Their leadership is expanding what business ownership looks like and inspiring the next generation of founders, executives, and investors.

While the path to entrepreneurship has not been easy, today’s women business leaders are building on decades of progress. Women are not only creating opportunity for themselves and their families but for their employees, partners, and communities. As more women gain access to capital, mentorship, and leadership opportunities, their impact on the broader economy will only continue to grow.

At Cast, we believe empowering women entrepreneurs strengthens the entire business ecosystem. Supporting women-owned businesses means supporting innovation, job creation, and resilient communities for all. This International Women’s Day, we celebrate the women who are building companies, leading teams, and contributing meaningfully to the future of business.

References

• Brookings Institution, The history of women's work and wages and how it has created success for us all
• UN Women, Facts and figures: Economic empowerment
• Moody’s Analytics, Close the Gender Gap to Unlock Productivity Gains
• University of Kansas School of Business, Women in business today: Statistics, trends, and challenges‍
• U.S. Senate Committee on Small Business & Entrepreneurship, Women’s Small Business Ownership and Entrepreneurship Report