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Chicago still nation's 'Capital of Black Business'

Chicago has long been considered to be the spiritual Capital of Black Business, but the city has seen transitions among its more iconic black-owned enterprises in recent years that made some wonder if the distinction was still deserved. However, based on the newest data. Chicagoans may still be entitled to bragging rights.

According to the U.S. Census Bureau's Survey of Business Owners, metropolitan Chicago has more black-owned businesses than any other geographically defined area in the country. The survey is conducted every five years, and the results of the 2007 Census were just recently released. It also provides detailed information every five years for black-owned businesses, including the number of firms, sales and receipts, number of paid employees and annual payroll.

Overall, the number of black-owned enterprises nationally increased by more than 60 percent to a total of 1.9 million. That is more than triple the rate of growth for businesses generally of 18 percent. It's also greater than the 51 percent growth rate of Hispanic-owned businesses, which numbered 44,206. Over the same period, receipts generated by black-owned businesses increased 55.1 percent to $137.5 billion.

"Black-owned businesses continued to be one of the fastest growing segments of our economy, showing rapid growth in both the number of businesses and total sales during this time period," said Census Bureau Deputy Director Thomas Mesenbourg.

In 2007, nearly four in 10 black-owned businesses operated in the health care and social assistance; and repair, maintenance, personal and laundry services sectors. The retail trade and health care and social assistance sectors accounted for 27.4 percent of black-owned business revenue.

 














































 
Highlights from the survey:

Cook County, IL had the largest number of black-owned businesses in 2007 at 511,261, representing 16.4 percent of all firms in the county

Chicago had the second largest population of black-owned firms, with 58,631 companies.

Illinois had a total of 106,663 black-owned firms with total 2007 receipts of $6.8 billion.

In 2007, nearly four in 10 black-owned businesses operated in the health care and social assistance; and repair, maintenance, personal and laundry services sectors. The retail trade and health care and social assistance sectors accounted for 27.4 percent of black-owned business revenue.

Of the 1.9 million black-owned businesses in 2007, 106,824 had paid employees, an increase of 13.0 percent from 2002. These businesses employed 921,032 people, an increase of 22.2 percent; their payrolls totaled $23.9 billion, an increase of 36.3 percent. Receipts from black-owned employer businesses totaled $98.9 billion, an increase of 50.2 percent from 2002.

In 2007, 1.8 million black-owned businesses had no paid employees, an increase of 64.5 percent from 2002. These non-employer businesses' receipts totaled $38.6 billion, an increase of 69.0 percent. The number of black-owned businesses with receipts of $1 million or more increased by 35.4 percent to 14,507 between 2002 and 2007.


 













































 




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