The number of women-owned businesses is on the rise.

Four in 10 businesses in the U.S. are now majority-owned, operated and controlled by women, according to the latest State of Women-owned Businesses report from American Express.

That’s a total of 12.3 million companies — or 58 percent more than the number that existed just over a decade ago. In contrast, the number of businesses with majority-male or shared ownership grew 12 percent in that period.

Last year alone, 1,821 new women-owned businesses opened in the U.S. each day.

The shift marks a major step forward for women entrepreneurs across the country. However, there remains progress to be made. Women-owned businesses continue to lag behind in other metrics, employing just 8 percent of the private sector workforce and contributing 4.3 percent of total revenues.

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