The number of minority-owned businesses increased by 45.6 percent to 5.8 million between 2002 and 2007, more than twice the national rate of all U.S. businesses, according to the U.S. Census Bureau. In addition, the number of women-owned businesses increased 20.1 percent during the same period. The total number of U.S. businesses increased between 2002 and 2007 by 18.0 percent to 27.1 million.
Increases in the number of minority-owned businesses ranged from 60.5 percent for black-owned businesses to 17.9 percent for American Indian- and Alaska Native-owned businesses. Hispanic-owned businesses increased by 43.6 percent.
Receipts of minority-owned businesses rose 55.6 percent to $1.0 trillion between 2002 and 2007. Increases ranged from a high of 62.9 percent for Native Hawaiian- and Other Pacific Islander-owned businesses to 28.3 percent for American Indian- and Alaska Native-owned businesses. Over the same period, receipts of Hispanic-owned and women-owned businesses increased by 55.5 percent and 27.0 percent respectively. Receipts of all U.S. businesses increased by 33.5 percent, to $30.2 trillion.
The number of Hispanic-owned businesses totaled 2.3 million with receipts of these businesses totaling $345.2billion.