The number of black-owned businesses increased 60% between 2002 and 2007, more than three times the growth seen among all firms, according to the Census Bureau's business owners survey. Meanwhile, sales jumped 55%, vs. 34% for all businesses.
"Black-owned businesses continued to be one of the fastest-growing segments of our economy," said Thomas Mesenbourg, deputy director of the Census Bureau, in a written statement.
Despite the growth, black-owned businesses in 2007 make up just 7% of U.S. businesses. Yet African-Americans comprise about 13% of the population.
Black-owned businesses tend to be smaller too: 87% of black-owned firms had sales less than $50,000, compared to 65% of all firms. And most black-owned firms have fewer than five employees.
