Black Money Business Jobs : African American Owned Businesses on Rise

Discussion in 'Black Money Business Jobs' started by MsInterpret, Feb 10, 2011.

  1. MsInterpret

    MsInterpret Well-Known Member MEMBER

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    African American-Owned Businesses on the Rise

    ABC News’ Arlette Saenz reports:

    The number of black-owned businesses in the U.S. increased by 60.5% to 1.9 million between 2002 and 2007, more than triple the national rate according to U.S. Census data released Tuesday. The number of businesses across the country increased by 18% in the same amount of time.

    Black-owned businesses, which are defined by the government as firms with African-American owners holding a 51% or larger stake in the business, raked in $137 billion in sales and receipts and made up 7.1% of businesses nationwide in 2007, compared to 5.2% in 2002.

    But while the number of black-owned businesses surged, many of these businesses remain small.

    “Many black owned firms still remain very small businesses,” Marc Morial, president of the National Urban League, said. “87% of all black-owned firms according to the survey earn less than $50,000 dollars a year in receipts.”

    The data came from the Survey of Business Owners: Black-Owned Businesses: 2007, which 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.

    The states with the most black-owned businesses in 2007 were New York (204,032), Georgia (183,874) and Florida (181,437) making up 10.6, 9.6, and 9.4 percent respectively of black-owned businesses nationwide.

    New York City was the largest city with black-owned businesses in 2007- 154,929 - followed by Chicago (58,631), Houston (33,062) and Detroit (32,490).

    The Motor City had the highest percentage of businesses in its city that were black-owned at 64%. Other cities with heavy proportions of black-owned businesses were Memphis (38%), Baltimore (35%), Atlanta (31%) and Washington, D.C. (28%)

    On the state level, 28% of the District of Columbia’s businesses were black-owned. Following D.C. were Georgia (20%), Maryland (19%), Mississippi (18%) and Louisiana (16%).

    Blacked-owned businesses were prominent in health care and social assistance (19% of black-owned businesses), repair and maintenance and personal and laundry services (19% of black-owned businesses), and administrative and support and waste management and remediation services (11% of black-owned businesses) industries.

    Morial touted the study’s findings and the impact it could have on fostering innovation and job creation by black-owned businesses across the country.

    READ MORE: http://blogs.abcnews.com/thenote/2011/02/african-american-owned-businesses-on-the-rise.htmlhttp://
     
  2. Reniassance Man

    Reniassance Man Well-Known Member MEMBER

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    Thanks for this info. This is really good news! I like your new pic by the way
     
  3. TXDiamond

    TXDiamond Well-Known Member MEMBER

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    Thanks for sharing. :)
     
  4. MsInterpret

    MsInterpret Well-Known Member MEMBER

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    And Seattle........Is no where on the list cause Blacks don't support each other out here
     
  5. TXDiamond

    TXDiamond Well-Known Member MEMBER

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    When I lived there (little over a decade ago), they had a "Support Black Business Week". I think it was sponsored by Black Dollar Day. It is not enough to just support other Black businesses only on special occasions.
     
  6. Zuri Armani

    Zuri Armani Active Member MEMBER

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    Interesting...I have always wanted to start my own business. I have the slightest clue of how I am to begin the process.
     
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