- September 14, 2016
- Posted by: admin
- Category: Minority-Owned, SBA
The U.S. Small Business Administration has released a report titled, “Minority Business Ownership: Data from the 2012 Survey of Business Owners.”
Key Findings Include:
- The U.S. minority population has grown rapidly. According to the U.S. Census Bureau, 37% of the U.S. population identifies as part of at least one minority class. The populations of five states, including the two largest, California and Texas, are now over 50% minorities.
- Minority-owned businesses form a significant portion of the U.S. economy. In 2012, 8.0 million minority-owned businesses contributed $1.38 trillion in revenue and 7.2 million jobs to the economy. Their importance was also emphasized during the recent economic recession when minority-owned businesses were an important source of business growth. From 2007 to 2012, the five years enveloping the economic recession, a net 2 million minority-owned businesses were created, while a net 1 million nonminority-owned businesses closed. During that time, minorities increased their share of overall business ownership from 22% to 29%. Further minority-owned businesses represented an additional $335 billion in sales and 1.35 million in employment.
- Minority entrepreneurs are currently underrepresented compared with their share of the population, but entrepreneurship within minority groups is on the rise.
This report contains many interesting and valuable insights into the rise of minority entrepreneurship, opportunities and challenges.