Minority Business Starts Growing!

According to a series of recent surveys released by the U.S. Census Bureau, between 1997 and 2002, the total number of U.S. businesses grew by 10%. However, during the same time period, Asian-owned firms increased by 24%, Hispanic-owned businesses by 31%, and African-American-owned firms spiked 45%.

According to the Census data, Asian-American-owned businesses grew at twice the national rate compared with all U.S. companies. The 1.1 million Asian-owned firms produced $326 billion in revenues in 2002, up 8% from 1997. The nearly 1.6 million Latino-owned businesses generated $222 billion in revenue in 2002, a 19% increase from 1997. Finally, the 1.2 million African-American-owned businesses earned $89 billion in 2002, a jump of 25%.

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