15th
Annual Edition 'Buying Power of
Black America' report breaks down billions in expenditures Black
consumers are responding to tighter economic condition by focusing more of
their spending on items and services that improve their homes and
lifestyle. That's one of the trends revealed in the 15th annual report,
"The Buying Power of Black America," published by Target Market News. The
report analyzes spending for black households in 2008 and finds that
African-Americans...
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Census: Number of black-owned businesses growing faster than any other
group
(July 21, 2010) The number of minority-owned businesses increased by
45.6 percent to 5.8 million between 2002 and 2007, more than twice the
national rate of all U.S. businesses, according to the U.S. Census
Bureau. In addition, the number of black-owned business increased by
60.5 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 today 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.
Additional highlights:
All U.S. Businesses
Employer firms: Of the nation's 27.1 million businesses in 2007, roughly
5.8 million had paid employees. These businesses employed 118.7 million
people, a 7.1 percent increase from 2002. Their payrolls totaled $4.9
trillion, up 28.2 percent from 2002, and their receipts totaled $29.2
trillion, up 33.8 percent.
Nonemployer firms: An estimated 21.4 million businesses had no paid
employees in 2007. Receipts at these firms totaled $972.7 billion, up
26.8 percent from 2002.
Minority-Owned Businesses
Of the nation's 5.8 million minority-owned businesses in 2007, an
estimated 5.0 million had no paid employees. Receipts of these
nonemployer businesses totaled $164.4 billion.
Among all minority-owned businesses, 768,147 had paid employees in 2007.
These businesses employed 5.9 million people with a total payroll of
$168.2 billion. Receipts for minority-owned businesses with employees
totaled $864.2 billion.
In 2007, 30.0 percent of minority-owned businesses were in repair and
maintenance, personal and laundry services, and health care and social
assistance.
Minority-owned businesses accounted for 56.9 percent of businesses in
Hawaii, which led the nation, followed by the District of Columbia,
where 40.2 percent of businesses were minority-owned, and California,
where 35.6 percent of businesses were minority-owned.
Black-Owned Businesses
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.
Women-Owned Businesses
The number of women-owned businesses totaled 7.8 million in 2007, up
20.1 percent from 2002. By comparison, men-owned businesses totaled 13.9
million, up 5.5 percent from 2002.
In 2007, 31.9 percent of women-owned businesses were in repair and
maintenance, personal and laundry services, and health care and social
assistance.
White-Owned Businesses
The number of white-owned businesses increased by 13.6 percent to 22.6
million between 2002 and 2007. Receipts of these businesses totaled
$10.3 trillion, up 24.1 percent from 2002.
In 2007, 28.5 percent of white-owned businesses were in professional,
scientific and technical services and construction.
Asian-Owned Businesses
There were 1.6 million Asian-owned businesses in 2007, up 40.7 percent
from 2002. Receipts of these businesses totaled $513.9 billion, up 57.3
percent from 2002.
In 2007, 32.3 percent of Asian-owned businesses were in repair and
maintenance; personal and laundry services; and professional, scientific
and technical services.
Asian-owned businesses accounted for 47.2 percent of businesses in
Hawaii, 14.9 percent in California and 10.1 percent in New York.
Native Hawaiian- and Other Pacific Islander-Owned Businesses
The number of Native Hawaiian- and Other Pacific Islander-owned
businesses totaled 38,881 in 2007, up 34.3 percent from 2002; receipts
of these businesses totaled $7.0 billion, up 62.9 percent from 2002.
Repair and maintenance, personal and laundry services, and construction
accounted for 26.9 percent of all Native Hawaiian- and Other Pacific
Islander-owned businesses.
Native Hawaiian- and Other Pacific Islander-owned businesses accounted
for 9.4 percent of businesses in Hawaii, highest among all states.
American Indian- and Alaska Native-Owned Businesses
The number of American Indian- and Alaska Native-owned businesses
totaled 237,386 in 2007, up 17.9 percent from 2002; total receipts of
these businesses were $34.5 billion, up 28.3 percent from 2002.
In 2007, 30.5 percent of American Indian- and Alaska Native-owned
businesses were in construction, repair and maintenance, and personal
and laundry services.
American Indian- and Alaska Native-owned businesses accounted for 10.0
percent of businesses in Alaska, 6.3 percent in Oklahoma and 5.3 percent
in New Mexico.
Hispanic-Owned Businesses
The number of Hispanic-owned businesses totaled 2.3 million in 2007, up
43.6 percent from 2002. Receipts of these businesses totaled $345.2
billion, up 55.5 percent from 2002.
In 2007, 30.0 percent of Hispanic-owned businesses were in construction,
repair and maintenance, and personal and laundry services.
Hispanic-owned businesses accounted for 23.6 percent of businesses in
New Mexico, 22.4 percent of businesses in Florida and 20.7 percent of
businesses in Texas.
Veteran-Owned Businesses
The 2007 Survey of Business Owners includes for the first time the
number of veteran-owned businesses. The number of veteran-owned
businesses totaled 2.4 million in 2007, with receipts totaling $1.2
trillion.
In 2007, 32.5 percent of veteran-owned businesses were categorized in
professional, scientific and technical services and construction.
California accounted for 9.8 percent of veteran-owned businesses. Texas,
Florida and New York accounted for 8.1 percent, 7.2 percent and 5.2
percent of veteran-owned businesses, respectively.
Respondents to the 2007 Survey of Business Owners were asked to report
the percent of ownership by gender, ethnicity, race and veteran status
for up to four primary owners (Hispanics may be of any race). Business
ownership is defined as having 51 percent or more of the equity,
interest or stock in the business.
Separate reports for minority-, women- and veteran-owned businesses
will be issued over the next year and will include more detailed data on
the number of firms, sales and receipts, number of paid employees and
annual payroll. Data will also be presented by geographic area, industry
and size of business. Subsequently, separate publications will be issued
highlighting characteristics of all businesses and business owners.
The Survey of Business Owners is conducted every five years as part of
the economic census. The 2007 survey collected data from a sample of
more than 2.3 million businesses. The collected data in a sample survey
are subject to sampling variability as well as nonsampling errors.
Sources of nonsampling errors include errors of response, nonreporting
and coverage. More details concerning the SBO survey design, methodology
and data limitations can be found by
clicking here.
