Though Iowa still has work to do in some areas, the state has seen tremendous post-recession growth in the number of female-owned businesses, according to a new report released today.

The fifth annual American Express OPEN State of Women-Owned Business report shows Iowa ranked third in the nation for growth in the number of female-owned businesses post-recession. From 2007 to 2015, Iowa saw a 276 percent increase, more than twice that seen during pre-recession years (2002-2007).

However, the report ultimately measures overall growth of women-owned businesses from 1997 to 2015. When looking at the big picture, Iowa is still ranked last among U.S. states and the District of Columbia when it comes to the overall economic impact of these businesses.

According to the report, Iowa is ranked 49th in growth of number of firms over the past 18 years, 51st in growth of firm revenue, and 50th in employment growth. Together, these numbers earn Iowa 51st in overall economic clout.

These numbers remain unchanged from the 2014 report, although they mark a slight improvement from 2012 numbers, when Iowa was ranked 50th in growth of number of firms and 51st in overall economic clout.

The number of women-owned businesses in Iowa grew by 27.4 percent from 1997 to 2015. Currently, there are an estimated 73,300 women-owned businesses in Iowa, compared with 70,600 in 2014.

However, both employment and revenue dropped during the same period, contributing to the state’s overall ranking. Employment has dropped by 26.4 percent over the past 18 years, compared with 22 percent in 2014, while sales are down 4.6 percent, compared with 3.8 percent in 2014.

Iowa’s women-owned businesses employ 52,800 people and generate roughly $7.7 billion in revenue.

Nationally, the number of women-owned businesses has increased 74 percent since 1997. The report estimates there are more than 9.4 million women-owned businesses in the United States (compared with 9.1 million in 2014). These businesses generate more than $1.4 trillion in revenues and employ 7.9 million people.

The annual State of Women-Owned Businesses Report, commissioned by American Express OPEN, analyzes the 1997, 2002 and 2007 data from the U.S. Census Bureau’s quinquennial business census, the Survey of Business Owners.