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Research and Trends
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Minority-Owned Businesses On The Rise Minority-owned businesses have nearly doubled in the last two decades. A new report from the Office of Advocacy of the U.S. Small Business Administration shows that minorities own nearly 15 percent of American businesses. And, 99 percent of these firms are small businesses.The report, which drew its business data from 1997 (the most current available figures), shows that In 1997, minorities owned 14.6 percent of all U.S. businesses, or more than 3 million firms. These firms had more than $591 billion in revenues, created more than 4.5 million jobs, and produced about $96 billion in annual payroll. Of total minority-owned businesses, 39.5 percent were Hispanic-owned, 30.0 percent Asian-owned, 27.1 percent Black-owned, and 6.5 percent American Indian-owned (numbers do not add to 100 percent since Hispanics can be of any race). In 2000, Hispanics counted for about 12.5 percent of the population but owned only 5.8 percent of U.S. firms in 1997 (latest data), Blacks constituted 12.3 percent of the population but owned only 4.0 percent of firms, Asians were 3.6 percent of the population and owned 4.4 percent of firms, and American Indians composed 0.9 percent of the population while owning 0.9 percent of the firms. Of new businesses with employees in 1992, Asian/Other-owned firms had the best survival rate, with 50.4 percent of Asian/Other-owned firms surviving until at least 1996, compared with 48.7 percent of White non-Hispanic-owned firms, 44.9 percent of White Hispanic-owned businesses, and 34.7 percent of Black-owned firms. More information can be found on the Office of Advocacy website, www.sba.gov/advo. The full Minorities in Business, 2001 report is available at http://www.sba.gov/advo/stats/min01.pdf. Technical questions may be addressed to Dr. Ying Lowrey, Economist, at ying.lowrey@sba.gov, or by mail to the Office of Advocacy, U.S. Small Business Administration, 409 Third Street, S.W., Washington, D.C. 20416.
Angel and Venture Capital Funding Guide Industry Research Reports
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