Growth in Minority Owned Businesses: US Census Survey

There was a numerous increase in minorities owned businesses, as per a survey by US census Bureau on business owners. There was almost 46 percent increase in the minority-owned businesses during 2002 to 2007. When compared with US businesses growth, the growth of the minority-owned businesses grew double by rate.

According to the surveys taken every 5 years and the close watch of industrial groups, public policy experts and economists, minority-owned companies are relatively smaller and do not account much in all US companies.

The Census Bureau reported that the number of

  • Increase in black-owned businesses from 61% to 1.9 million.
  • Increase in Hispanic-owned businesses from 44% to 2.3 million.
  • Increase in Asian-owned businesses from 41% to 1.6 million.
  • There was also increase in white-owned businesses from 14% to 22.6 million over the same period.

Over the 5 year period, there was an increase of 55.6 percent in all minority owned businesses to $1 trillion in 2007. It is very small when compared with $30.2 trillion in US companies.