Black Owned Business Starts Up 400% Compared to White Business Starts
RELEASED: 9:30 A.M. EDT, TUESDAY, APRIL 18, 2006Revenues for Black-Owned Firms Near $89 Billion,
Number of Businesses Up 45 Percent
Revenues generated by the nation’s 1.2 million black-owned businesses rose 25 percent between 1997 and 2002 to $88.8 billion in 2002, while the number of such firms grew by 45 percent in the same five-year period. This is according to a new report, Survey of Business Owners: Black-Owned Firms: 2002 [PDF], released today by the U.S. Census Bureau.
“It’s encouraging to see not just the number but the sales and receipts of black-owned businesses are growing at such a robust rate, confirming that these firms are among the fastest growing segments of our economy,” said Census Bureau Director Louis Kincannon.
