African-American Owned Businesses Grow at Triple the National Rate

The number of businesses owned by African-Americans grew by
60.5 percent, reaching a total of 1.9 million, in the period from 2002 to 2007.
This tripled the national rate of 18 percent. In 2007 these businesses took in $137.5
billion for an increase of 55.1 percent over 2002. The county that had the most
black-owned businesses was Cook County, Illinois, for a total of 83,733
followed by Los Angeles with 59,680. New York led the states with 204,032
black-owned businesses, while also having the city with the greatest number:
New York City at 154,929. The vast majority of these were what is termed
nonemployer, which are usually small unincorporated businesses run by individuals
with no paid employees. They comprised 94.4 percent of African-American owned
businesses in 2007, generating $38.6 billion, bettering 2002 by 69 percent.
Employer businesses, however, while making up only 5.6 percent of the total, grossed $98.9 billion in 2007 for an increase of 50.2 percent over 2002.

How did I find all this out? The U.S. Census Bureau at www.census.gov. The Census Bureau is kind enough to use the vast amounts of data they collect to build
reports that provide us with a snapshot of our economic and demographic
landscape. One such report is the Survey of Business Owners, which organizes
data around gender, ethnicity, race, and veteran status, among other criteria.
And best of all? It’s free.

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