By Khadija Allen
Minority-owned business are on the rise in the economic report as they drive more than twice of all U.S businesses, according to the U.S Census Bureau. Economists, industry and public policy experts examined that minority companies comprise of a relatively small market and that they are thriving amidst the bleak job front and company losses.
“We must continue to close this gap,” said David Hinson, national director of the Minority Business Development Agency in the U.S Department of Commerce. Mr. Hinson is pleased that minority companies are hiring faster than their non-minority counterparts in a wide contrast to 2007 when the financial crisis started; minority companies were forced to take a back seat.
The Census Bureau reported that the number of black-owned businesses grew to 61% to 1.9 million and Hispanic businesses rose by 44% to 2.3 million. The number of Asian-owned business surged by 41% to 1.6 million and white businesses rose to 14% to 22.6 million in the economic picture. All in all, total revenues for the five-year period increased 55.6% to $1 trillion in 2007 accounting for the 30.2 trillion in all U.S companies.