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