Chalk another one up...
Interesting new report, found in today's Chicago Tribune:(Bolded lines by me)
Minority business numbers surge
Tribune wire reports
Published May 22, 2006
The number of Asian-owned businesses is growing at twice the national average for all businesses, according to a new Census Bureau report.The bureau's latest installment of the 2002 Survey of Business Owners, released last week, reported that the number of Asian-owned firms grew 24 percent between 1997 and 2002. Revenue of the 1.1 million Asian-owned businesses grew at 8 percent, to $326 billion, during the same period. Close to one-third of all Asian-owned firms had paid employees.The report is consistent with previous Census data on minority entrepreneurship. During the same period the number of black-owned businesses grew 45 percent, while Hispanic-owned businesses grew 31 percent. The national average for all businesses was 10 percent."The robust revenues of Asian-owned firms and the growth in the number of businesses provide yet another indicator that minority entrepreneurs are at the forefront as engines for growth in our economy," Census director Louis Kincannon said in a statement.Ronald Langston, national director of the Commerce Department's Minority Business Development Agency, attributes the growth largely to education and technology. "Historically, this is the greatest number of minority grads and postgrads that we have seen."
Copyright © 2006, Chicago Tribune
posted by payal @ 8:45 PM
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