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Black Owned Business Starts Up 400% Compared to White Business Starts
Revenues for Black-Owned Firms Near $89 Billion,
Number of Businesses Up 45 Percent
Revenues generated by the nation’s 1.2 million black-owned businesses rose 25 percent between 1997 and 2002 to $88.8 billion in 2002, while the number of such firms grew by 45 percent in the same five-year period. This is according to a new report, Survey of Business Owners: Black-Owned Firms: 2002 [PDF], released today by the U.S. Census Bureau.
“It’s encouraging to see not just the number but the sales and receipts of black-owned businesses are growing at such a robust rate, confirming that these firms are among the fastest growing segments of our economy,” said Census Bureau Director Louis Kincannon.
New York had the greatest number of black-owned firms with 129,324, followed by California (112,873), Florida (102,079), Georgia (90,461) and Texas (88,769). These five states accounted for about 44 percent of all black-owned businesses in the United States. Other states with high numbers of black-owned firms include Maryland, Illinois, North Carolina, Michigan, Virginia and Louisiana.