Women-owned businesses in Michigan and metro Detroit are leading in growth and economic clout, according to new report.

The state and its largest metropolitan area are at the top of lists typically dominated by bigger cities and more well-known venture capital hubs, according to the State of Women-Owned Businesses Report, released Monday for the ninth consecutive year.

The number of women-owned businesses in metro Detroit more than doubled from 157,090 in 2012 to 358,507 in 2019, representing the largest jump among the top 50 metropolitan areas in the country. The Detroit area has also enjoyed the largest boost in economic improvement for women-owned businesses, measured by growth rates for number of businesses, employment and revenue. Charlotte, N.C.; Atlanta; and Austin and San Antonio, both in Texas, trailed in that order.

Michigan ranked sixth in economic clout, behind Georgia, Oregon, Idaho, Nevada, South Dakota and Utah.

The number of women-owned companies in Michigan grew 29 percent from 306,986 in 2012 to 436,486 in 2019. During that period, employment at women-owned companies increased 4 percent to 254,837 and revenue grew 20 percent to $49 million, according to the report.

The nearly 13 million women-owned businesses in the U.S. represent 42 percent of all businesses in the country, employing 9.4 million and generating $1.9 trillion in revenue, according to the study. In the past five years, the number of women-owned businesses grew 21 percent, compared to 9 percent for all businesses, while total employment for women-owned businesses increased 8 percent, compared to 1.8 percent for all businesses, the report said.

"Side hustles" and businesses owned by women of color are fueling the growth of women-owned businesses around the nation. Nationally, the number of black women who have engaged in entrepreneurship in addition to a full-time job has doubled. Women of color account for 89 percent of the total 1,625 new women-owned businesses that open per day in the country, the report found.

Small businesses such as hair and nail salons accounted for the largest chunk of women-owned businesses at 22 percent. Health care and social assistance was the second largest industry, accounting for 15 percent.

The annual report is created using data from the U.S. Census Bureau and the U.S. Bureau of Economic Analysis, and it is funded by New York City-based financial services giant American Express.