The U.S. Census Bureau recently released facts and figures on minority-owned businesses in the United States. This new report reveals data collected from the Bureau’s Survey of Business Owners. We are pleased to present the key statistics and survey findings below to showcase the tremendous growth and accomplishments of minority-owned businesses.
Urban businesses are on the rise. We hope these statistics will encourage aspiring urban entrepreneurs to recognize the power they have to build businesses, create jobs, and bring hope to their communities. The key survey results are as follows:
Minority-Owned Businesses
- Minority-owned businesses brought in $1.0 trillion, an increase of 55.6% from 2002.
- Minority-owned businesses employed approximately 5.9 million people.
- The number of minority-owned businesses increased by 45.6 percent, more than twice the national rate of all U.S. businesses.
- Of the nation’s 5.8 million minority-owned businesses, an estimated 5.0 million had no paid employees.
- Businesses without employees brought in $164.4 billion, while businesses with paid employees earned $864.2 billion for the year.
- Minority-owned businesses accounted for 40.2 percent of the businesses in the District of Columbia, and 35.6 percent of the businesses in California.
Black-Owned Businesses
- There were 1.9 million black-owned businesses, up 60.5 percent from 2002.
- Receipts from these businesses totaled $137.4 billion, up 55.1% from 2002.
- 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.
Hispanic-Owned Businesses
- The number of Hispanic-owned businesses totaled 2.3 million, up 43.6 percent from 2002. Receipts of these businesses totaled $345.2 billion, up 55.5 percent from 2002.
- 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.
Asian-Owned Businesses
- There were 1.6 million Asian-owned businesses, up 40.7 percent from 2002. Receipts of these businesses totaled $513.9 billion, up 57.3 percent from 2002.
- 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.
Other Facts & Figures
- All U.S. businesses combined earned $30.2 trillion.
- There were 27.1 million U.S. businesses, up 18 percent from 2002.
- The number of women-owned businesses totaled 7.8 trillion, up 20.1 percent from 2002.
- There were 2.4 million veteran-owned businesses, with receipts totaling $1.2 trillion.
While these business statistics are encouraging, we do know that there are several factors that hinder urban entrepreneurs from starting their own businesses. What are some of the barriers stopping you from creating and growing your own company? Tell us below…
