US black-owned businesses grow

WASHINGTON – The number of US businesses owned by black entrepreneurs grew more than four times the national rate for all businesses from 1997 to 2002, the federal government said yesterday.

Black entrepreneurs owned 1,2 million businesses in 2002, an increase of 45 per cent from 1997, according to a report by the 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,” Census Bureau Director Louis Kincannon said in a statement.Revenues from black-owned businesses increased by 25 per cent during the period, to about US$89 billion.The report is the third in a series of Census Bureau reports on businesses owned by women, Hispanics and blacks.Together, the reports show that the three groups are underrepresented in business ownership, but are narrowing the gap with white men.”I’m proud,” said Harry Alford, president and CEO of the National Black Chamber of Commerce.”We’re the fastest-growing segment.”The report is based on administrative records and a survey of 2,4 million businesses.However, in some states, black-owned firms are concentrated in urban areas.About 80 per cent of all black-owned businesses in Illinois were in Cook County, home to Chicago.Los Angeles County was home to nearly half the black-owned firms in California.New York state had the most black-owned firms, with 129 324.It was followed by California, Florida, Georgia and Texas.- Nampa-AP”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,” Census Bureau Director Louis Kincannon said in a statement.Revenues from black-owned businesses increased by 25 per cent during the period, to about US$89 billion.The report is the third in a series of Census Bureau reports on businesses owned by women, Hispanics and blacks.Together, the reports show that the three groups are underrepresented in business ownership, but are narrowing the gap with white men.”I’m proud,” said Harry Alford, president and CEO of the National Black Chamber of Commerce.”We’re the fastest-growing segment.”The report is based on administrative records and a survey of 2,4 million businesses.However, in some states, black-owned firms are concentrated in urban areas.About 80 per cent of all black-owned businesses in Illinois were in Cook County, home to Chicago.Los Angeles County was home to nearly half the black-owned firms in California.New York state had the most black-owned firms, with 129 324.It was followed by California, Florida, Georgia and Texas.- Nampa-AP