Black owned businesses grew by 60% between 2002 and 2007

The US census bureau released the 2007 survey of business owners(SBO)on February 8th, 2011. Here.

The report showed that Black Owned businesses increased by 60% between 2002 and 2007. The survey is conducted every five years. New business formation increased by only 18% in the general population, 60% in the African-American community. The number of Black owned business increased to 1.9 Million (2007) from 1.2 Million(2002). However, 1.8 million of the businesses had no employees.

It is important to note that the results were collected right before the largest recession since 1932 hit the US economy.

The rate of Black new business creation was greatest in the south from Louisiana to Virginia. However, the largest number of Black owned businesses remained in the largest cities such as New York City (Brooklyn)(204,000), Cook County (Southside Chicago)(83,000) and LA county (60,000).

Of the 1.9 million businesses only 106,000 had paid employees. These businesses employed 921,000 people with a total payroll of $23.9 billion.

The report is the result of a survey of US business owners conducted every five years. The survey covers type of business (NAICS code), race, gender, ethnicity, revenues, number of employee and geographic location.

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