The number of minority-owned businesses in the U.S. has shown a significant increase in recent years, according to figures from the U.S. Census Bureau.
From 2002 to 2007, the number of minority entrepreneurs who have started an LLC or other business type increased 46 percent to roughly 5.8 million companies. Small business growth by minorities also outpaced the growth rate of businesses as a whole. Overall, the total number of businesses reached 27.1 million – an increase of 18 percent.
Minority-owned companies also hired at a significantly faster rate than white-owned companies – 27 percent to 2.3 percent – and saw their average revenues grow more than 55 percent over the same period.
The number of women-owned businesses also increased more than 20 percent over the same five-year period, and now totals 7.8 million.
A recent study by the Ewing Marion Kauffman Foundation said that the health of startup companies was critical to creating jobs and reducing unemployment. The study found that over the last 25 years, all of the economy’s net job growth had been created by small companies, instead of large firms.
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