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Latino Daily News

Wednesday December 15, 2010

Revenue and Number of Minority-Owned Business Firms on the Rise

While the government just released figures that the private-sector only created 159,000 jobs in October the real growth under those numbers is coming from minority owned firms.  Those firms grew an impressive 46 percent from 2002 through 2007 and continue to contribute to the recovering economy.

There were approximately 5.9 million people working at minority owned firms in 2007, the last time these figures were available.  The job growth from these firms averages 5.4% annually vs. no growth for general market employers.

The revenue of minority-owned firms is also growing faster than their non-minority counterparts.  During the 5-year period,  the government tracked a 56% jump in revenue vs. 21% for everyone else.  Nonetheless the average income earned at these minority owned firms is only $300,000 with a cumulative contribution of $1 trillion to the economy.