Miami had the second-highest proportion of Hispanic-owned businesses in the United States and Florida had the third highest number of minority-owned businesses, according to the U.S. Census Bureau’s 2012 Survey of Business Owners, released by the U.S. Department of Commerce Tuesday.
The results found that business ownership in the United States mirrors the country’s increasingly diverse population, with minority-owned firms nationwide rising from 5.8 million in 2007 to 8.0 million in 2012, and employing 7.2 million people in 2012. While the number of minority-owned businesses increased by 2.2 million, the number of non-minority-owned businesses declined by 1.2 million, from 20.1 million in 2007 to 18.9 million in 2012.
From 2007 to 2012, the percentage of minority-owned firms increased from 22 percent to 29 percent of the total number of U.S. firms. Hispanic-owned firms increased by 46.3 percent from 2.4 million to 3.3 million. Black or African American-owned firms rose from 1.9 to 2.6 million, and the number of Asian-owned firms climbed from 1.5 million to 1.9 million.
“This new Census Bureau data underscores the rapid growth in minority-owned firms. Nonetheless, considerable disparities remain between their revenue and non-minority companies in our economy,” said National Director for Minority Business Alejandra Y. Castillo. “Next year, [the Department of Minority Business Development Agency] will invest nearly $13.4 million in grants to continue to support the growth and expansion of Minority Business Enterprises.”
Regional highlights included:
▪ California, Texas, Florida, New York, and Georgia remain the states with the highest numbers of minority-owned businesses.
▪ Georgia had more Black or African American-owned firms in 2012 than any other state (256,848), followed by Florida (251,216).
▪ Among the 50 most populous U.S. cities, New York had the most Hispanic-owned firms with 199,085. El Paso, Texas, and Miami had the highest proportion of Hispanic-owned firms with 73.9 percent and 69.2 percent, respectively, more than twice the U.S. average rate.