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Who’s Hot? DC and Atlanta Lead in Black Owned Business Development

06 Aug

More fuel that the centers of black America have shifted,  are now Atlanta and Washington, DC…

Daniel Bryant, Owner of Running Tigers Wine. From Shoe Stores to Strategic Management Consulting, Black Firms Are Developing In Spite of the Economy

Hat Tip – NewsOne

The U.S. Census Bureau reported recently that Georgia has the second-highest percentage of black-owned businesses in the nation at 20.4 percent. Only the District of Columbia, at 28.2 percent of the city’s businesses, has a larger percentage of African-American ownership.

From 2002 to 2007, the number of minority-owned businesses in the nation increased by 45.6 percent to 5.8 million, more than twice the rate of all U.S. businesses, the bureau said.

More interesting news at the WSJ

Minority companies have been hiring at a faster rate than non-minority companies — up 27% over the five years compared with 2.3% growth for white-owned companies, according to the Census numbers.

The Census Bureau reported that the number of black-owned businesses grew 61% to 1.9 million; the number of Hispanic-owned businesses grew by 44% to 2.3 million; and the number of Asian-owned businesses grew by 41% to 1.6 million. The number of white-owned businesses rose 14% to 22.6 million over the same period.

Revenues for minority-owned businesses in 2007 averaged $179,000, a number Mr. Hinson called “paltry” compared with the $490,000 average for non-minority firms. Black-owned businesses saw average revenues of $72,000 in 2007, down from $74,000 in 2002, he said.

The total revenues for all minority owned businesses rose 55.6% over the five year period to $1 trillion in 2007, a small number compared with the $30.2 trillion total for all U.S. companies, the report said.

Running Tigers Website can be found here. And Yeah – I know it’s not in DC or Atlanta… But who can pass up a good bottle of wine?

 
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Posted by on August 6, 2010 in Black History

 

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