Black-Owned Businesses Growing

A report by the US Census Bureau released yesterday is singing the praises of Black Americans as entrepreneur. Black-owned businesses are among the fastest-growing segments of the American economy, with the number of black-owned businesses growing by 45 percent from 1997 to 2002, more than four times the national rate for all businesses. And just as important, revenues from black-owned businesses increased by 25 percent during the period, to about $89 billion. It is also a testament to the spirit of small business. 92 percent of these businesses have no employees other than the owners. By comparison, about three-fourths of all US businesses have no employees. The report is based on administrative records and a survey of 2.4 million businesses. - Black-Owned Firms Growing At Fast Pace (Houston Chronicle) - Black Entrepreneurship Expands (Boston Globe) Priority Pass