Tuesday, August 24, 2010

Minority Business Ownership Increasing at More Than Twice the National Rate

The U.S. Census Bureau is reporting that the number of minority-owned businesses has increased by 45.6 percent to 5.8 million between 2002 and 2007, more than twice the national rate of all U.S. businesses. In addition, the number of women-owned businesses increased 20.1 percent during the same period. The total number of U.S. businesses increased between 2002 and 2007 by 18.0 percent to 27.1 million.

These new data come from the Preliminary Estimates of Business Ownership by Gender, Ethnicity, Race and Veteran Status: 2007, from the U.S. Census Bureau's 2007 Survey of Business Owners. The preliminary report released is the first of 10 reports on the characteristics of minority-, women-, and veteran-owned businesses and their owners scheduled for release over the next year.

Increases in the number of minority-owned businesses ranged from 60.5 percent for black-owned businesses to 17.9 percent for American Indian- and Alaska Native-owned businesses. Hispanic-owned businesses increased by 43.6 percent.

Receipts of minority-owned businesses rose 55.6 percent to $1.0 trillion between 2002 and 2007. Increases ranged from a high of 62.9 percent for Native Hawaiian- and Other Pacific Islander-owned businesses to 28.3 percent for American Indian- and Alaska Native-owned businesses. Over the same period, receipts of Hispanic-owned and women-owned businesses increased by 55.5 percent and 27.0 percent respectively. Receipts of all U.S. businesses increased by 33.5 percent, to $30.2 trillion.

Here are some other interesting facts:

* There were 1.9 million black-owned businesses in 2007, up 60.5 percent from 2002. Receipts of these businesses totaled $137.4 billion, up 55.1 percent from 2002.

* In 2007, 37.6 percent of black-owned businesses were in health care and social assistance, repair and maintenance, and personal and laundry services.

* Black-owned businesses accounted for 28.2 percent of businesses in the District of Columbia, which led the nation, followed by Georgia, where 20.4 percent of businesses were black-owned, and Maryland, where 19.3 percent of businesses were black-owned.

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  1. The people have spoken we refuse to be left behind. It seems as if the black community has found the missing link that accompanies success. This is indeed good news!

  2. Wow! With those kinds of stats you would think there would be more then a couple of black billionaires in the U.S. (Oprah, Bob Johnson and Tiger Woods above the radar). You would also think that those who owed close to 30% of the wealth in this country were also black or minority... Last shall be first!

  3. This is wonderful news. It's as if the corner that one has been backed into, is the very tool that is needed to pull out the "greatness within".