By Special to Trice Edney Wire from the Louisiana Weekly
WASHINGTON — From 2002 to 2007, the number of Black-owned businesses increased by 60.5 percent to 1.9 million, more than triple the national rate of 18 percent, according to the U.S. Census Bureau’s Survey of Business Owners. Over the same period, receipts generated by Black-owned businesses increased 55.1 percent to $137.5 billion.
“Black-owned businesses continued to be one of the fastest growing segments of our economy, showing rapid growth in both the number of businesses and total sales during this time period,”said Census Bureau Deputy Director Thomas Mesenbourg.
These new data come from the Survey of Business Owners: Black-Owned Businesses: 2007. The survey provides detailed information every five years for Black-owned businesses, including the number of firms, sales and receipts, number of paid employees and annual payroll.
Data are presented by geographic area (nation, state, county, city and metro area), industry and size of business. Preliminary national and state data were released in July 2010.
In 2007, nearly four in 10 Black-owned businesses operated in the fields of health care and social assistance; repair, maintenance; and personal and laundry services. The retail trade and health care and social assistance sectors accounted for 27.4 percent of Black-owned business revenue.
Among states, New York had 204,032 Black-owned businesses and accounted for 10.6 percent of the nation’s Black-owned businesses, followed by Georgia, with 183,874 Black-owned businesses (9.6 percent) and Florida, with 181,437 (9.4 percent).