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Wednesday, July 14, 2010

Black Owned Businesses Soared During Bush Presidency

The National Black Chamber of Commerce (NBCC) reported on the latest data released by the U.S. Census Bureau as it relates to black-owned businesses.

Black-owned businesses had a growth rate of 60.5% from 2002 to 2007, compared with a growth rate of 18% for all businesses. The NBCC said that a reduction in business taxes, personal taxes plus a prohibition on Project Labor Agreements (union only jobs) and a strong push in federal procurement were key reasons for the growth.

“This isn’t a coincidence. There is cause and effect and something happened during the Bush years”, said Harry C. Alford, President/CEO and co-founder of the NBCC in a media statement.

In the media release, the NBCC observed:

"When the NBCC was founded in 1993, the Census Bureau reported 300,000 Black owned businesses doing $30 billion. Today’s report states there are 1.9 million Black owned businesses doing $138 billion. In addition to the positive environment in the previous decade there has been a strong awakening within the Black community about the value of entrepreneurship and good old American capitalism."

NBCC also lists the top-ten states for Black owned businesses: 1. New York with 204,093; 2. Georgia with 183,876; 3. Florida with 181,469; 4. Texas with 154,255; 5. California with 137,875; 6. Illinois with 106,679; 7. Maryland with 102,130; 8. North Carolina with 83,880; 9. Michigan with 72,549 and 10. Virginia with 63,399.

NBCC noted that Georgia leads the nation in growth with a 103.3% increase (2002 vs. 2007).

Karen Kerrigan, President & CEO, SBE Council

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