Employment at minority-owned firms increased 33 percent to 7.7 million jobs, while gross receipts were up 53 percent from 2007. In contrast, the number of non-minority firms shrank by five percent between 2007 and 2012. Employment at nonminority firms increased seven percent, or less than one-fourth as fast as in MBEs and receipts in nonminority firms increased 27 percent or half as fast as in MBEs,
“We are encouraged by the entrepreneurial spirit demonstrated by the growth in number, revenue, and employment of minority firms,” said Alejandra Y. Castillo, MBDA National Director. “However, challenges remain to grow the size of minority firms, underscoring the work that MBDA will continue to champion - strengthening minority-owned firms’ competitiveness and community impact.”
The states of California, Texas, Florida, New York, and Georgia remain the highest numbers of minority-owned businesses. Combined, MBEs in these states make up 59 percent of the national total.
Detailed SBO data is available at http://www.census.gov/econ/sbo/getdata.html.
About the Minority Business Development Agency (MBDA)
MBDA, www.mbda.gov, is the only Federal agency dedicated to the growth and global competitiveness of U.S. minority-owned businesses. Our programs and services better equip minority-owned firms to create jobs, build scale and capacity, increase revenues and expand regionally, nationally and internationally. Services are provided through a network of MBDA Business Centers. After 45 years of service, MBDA continues to be a dedicated strategic partner to all U.S. minority-owned businesses, committed to providing programs and services that build size, scale and capacity through access to capital, contracts and markets. Follow us on Twitter @usmbda.