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Revenues generated by the nation’s 1.2 million black-owned businesses rose 25 percent between 1997 and 2002 to $88.8 billion in 2002, while the number of such firms grew by 45 percent in the same five-year period. This is according to a new report, Survey of Business Owners: Black-Owned Firms: 2002 [PDF], released today by the U.S. Census Bureau.
“It’s encouraging to see not just the number but the sales and receipts of black-owned businesses are growing at such a robust rate, confirming that these firms are among the fastest growing segments of our economy,” said Census Bureau Director Louis Kincannon.
New York had the greatest number of black-owned firms with 129,324, followed by California (112,873), Florida (102,079), Georgia (90,461) and Texas (88,769). These five states accounted for about 44 percent of all black-owned businesses in the United States. Other states with high numbers of black-owned firms include Maryland, Illinois, North Carolina, Michigan, Virginia and Louisiana. (See Table B. PDF)
Cook County, Ill., and Los Angeles County, Calif., had the largest numbers of black-owned businesses in the nation. Cook County, with 54,758 black-owned firms, accounted for 80 percent of all black-owned firms in Illinois. Los Angeles County, with 52,674 black-owned firms, accounted for 47 percent of all black-owned firms in California.
These counties were followed by Kings County, N.Y. (37,499); Prince George’s County, Md. (28,389); Miami-Dade County, Fla. (28,359); and Harris County, Texas (27,770). (See Table D. PDF)
New York City had more black-owned firms than any other city in the country at 98,076. The city with the second largest number of black-owned businesses was Chicago (39,424), followed by Los Angeles (25,958), Houston (21,226) and Detroit (19,530). (See Table E. PDF)
|Los Angeles, Calif.||52,674||4,988|
|Prince George's, Md.||28,389||1,805|
|New York, N.Y.||98,076||5,115|
|Los Angeles, Calif.||25,958||1,913|
The 2002 Survey of Business Owners (SBO) defines black-owned businesses as firms in which African-Americans own 51 percent or more of the stock or equity of the business. Separate reports on other minority-owned businesses will be issued over the coming months.
Data for 2002 are not directly comparable to previous survey years because of several significant changes to the survey methodology. See “Comparability of 2002 and 1997 SBO Data” at <http://www.census.gov/econ/sbo/methodology.html#comparability>.
The data collected in a sample survey are subject to sampling variability as well as nonsampling errors. Sources of nonsampling errors include errors of response, nonreporting and coverage.