Revenues for black businesses are soaring.
In a new report from the U.S. Census Bureau, revenue generated by the nation?s 1.2 million black-owned businesses rose 25 percent between 1997 and 2002 to $89 billion.
The number of black-owned businesses also grew by 45 percent during the same period, the last three years of the Clinton administration and the first two years of the Bush administration.
Prince George?s was the county with the fourth-largest number of black-owned firms. As of 2002, it had 28,389 black-owned businesses generating $1.8 billion. Cook County, Ill., was No. 1 among counties, with 54,758 black-owned businesses generating $3.9 billion.
The survey defines black-owned businesses as firms where blacks own 51 percent or more of the stock equity of the business.
Maryland U.S. Senate candidates of both parties were quick to embrace the statistics. “We know that there can be growth,” Rep. Ben Cardin, a Democrat, told a group of black business people Tuesday.
“The Census Bureau?s report today confirms that smart economic policies geared toward empowerment and economic growth are producing real results for African-American businesses in our state and our nation,” Lt. Gov. Michael Steele, the Republican Senate candidate, said in a statement.
With 69,000 firms, Maryland has the sixth-most black-owned businesses in the U.S., Steele said, “and my home county [Prince George?s] has the fourth-most black-owned businesses in the nation. We will continue to drive up our national ranking by committing to the policies of empowerment and opportunity that help businesses grow.”
The top three
Cities with the largest number of black-owned firms in 2002:
1. New York: 98,076
2. Chicago: 39,424
3. Los Angeles: 25,958
Source: U.S. Census Bureau
