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Black Owned and Operated

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<font size="5"><center>Census: Number of black-owned firms up 45 percent
nearly $89 billion in revenues</font size></center>



(April 18, 2006) Revenues generated by the nation’s 1.2 million black-owned businesses rose 25 percent between 1997 and 2002 to $88.8 billion in 2002, while the number of such firms grew by 45 percent in the same five-year period. This is according to a new report released by the U.S. Census Bureau.

“It’s encouraging to see not just the number but the sales and receipts of black-owned businesses are growing at such a robust rate, confirming that these firms are among the fastest growing segments of our economy,” said Census Bureau Director Louis Kincannon.

New York had the greatest number of black-owned firms with 129,324, followed by California (112,873), Florida (102,079), Georgia (90,461) and Texas (88,769). These five states accounted for about 44 percent of all black-owned businesses in the United States. Other states with high numbers of black-owned firms include Maryland, Illinois, North Carolina, Michigan, Virginia and Louisiana.

Cook County, Ill., and Los Angeles County, Calif., had the largest numbers of black-owned businesses in the nation. Cook County, with 54,758 black-owned firms, accounted for 80 percent of all black-owned firms in Illinois. Los Angeles County, with 52,674 black-owned firms, accounted for 47 percent of all black-owned firms in California.

These counties were followed by Kings County, N.Y. (37,499); Prince George’s County, Md. (28,389); Miami-Dade County, Fla. (28,359); and Harris County, Texas (27,770).

New York City had more black-owned firms than any other city in the country at 98,076. The city with the second largest number of black-owned businesses was Chicago (39,424), followed by Los Angeles (25,958), Houston (21,226) and Detroit (19,530).

Other highlights:

-- In 2002, nearly 4-in-10 black-owned firms operated in health care and social assistance, and other services, such as personal services, and repair and maintenance. They owned 9.7 percent of all such businesses in the United States.

-- Retail trade, and health care and social assistance services accounted for 28.6 percent of all black-owned business revenue.

-- There were 10,727 black-owned firms operating in 2002 with receipts of $1 million or more. Revenue for these firms was about $49 billion, compared to $40 billion in 1997, up 22 percent. These firms accounted for 1 percent of the total number of black-owned firms in 2002 and 55 percent of their total receipts.

-- There were 973 black-owned firms with 100 employees or more in 2002, compared to 889 in 1997, up 9 percent. These firms generated $16 billion in gross receipts, an increase of 31 percent since 1997. Firms of this size accounted for 24.3 percent of the total revenue for black-owned employer firms in 2002.

-- Black-owned firms accounted for 5 percent of all nonfarm businesses in the United States in 2002.

-- About 8 percent of black-owned firms employed more than 756,000 people.

http://www.targetmarketnews.com/storyid04190602.htm
 
<font size="5"><center>Revenue of black-owned businesses grew to $89B</font size></center>

Chet Dembeck and Len Lazarick, The Examiner
Apr 20, 2006 7:00 AM (24 days ago)

BALTIMORE - 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

cdembeck@baltimoreexaminer.com

Examiner

http://www.examiner.com/a-83546~Revenue_of_black_owned_businesses_grew_to__89B.html
 
Black World

Black World

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A New Threat To African American Owned Media Launched By Comcast/NBC

A New Threat To African American Owned Media Launched By Comcast/NBC

In media, it is even more complicated given its ability to shape the values and ideals of its consumer. When news breaks on anything relating to our community very rarely do we as African Americans turn first to our news sources. Even covering the Mike Brown, Trayvon Martin, and other police shootings almost none of my Facebook feed posted articles relating to the matter from an African American owned media outlet.
Click to expand...

http://hbcumoney.com/2015/01/26/a-new-threat-to-african-american-owned-media-launched-by-comcastnbc/
 
Are African American Churches Derailing African America’s Economic Progress?

Are African American Churches Derailing African America’s Economic Progress?

http://hbcumoney.com/2015/03/03/are...derailing-african-americas-economic-progress/

Unfortunately, such a disproportionate amount being given to churches with our limited income leaves little for investment in the rest of African America’s institutions. Over the past 100 years African American owned hospitals have decreased from 500 to 1, African American boarding schools have decreased from 100 to 4, the institutional gap in HWCU/HBCU endowments has grown from 46:1 to 106:1 over the past 20 years, HWCU/HBCU research expenditures gap is 30:1, Harlem and countless other African American communities have been gentrified, and the wealth gap among all other groups (except Native Americans) and African Americans continues to severely widen. Yet, the African American church continues to be a booming industry. As a result we see even the African American non-religous based credit unions and banks anchoring their “business” products to churches.​
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2015 HBCU-Based Credit Unions

2015 HBCU-Based Credit Unions: Alabama A&M’s Councill Credit Union Leads A Weak Pack
http://hbcumoney.com/2015/03/18/201...-ams-councill-credit-union-leads-a-weak-pack/

A total of eleven HBCU-based credit unions that control a combined $87 million in assets and have 17 099 in members. For comparison, Navy Federal Credit Union, America’s largest credit union has $63.7 billion in assets and 5.3 million members. Three years ago, I wrote on what forming a national HBCU credit union would look like and why it should be a reality. As it turns out, much of the infrastructure for this reality is already in place. Now the question is, what is holding us back?

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Unfortunately, there also seems to be no urgency by these credit unions to do the things necessary to increase their membership and assets. Students entering into HBCUs today may be more financially illiterate than a generation ago, but they have more complex financial needs thanks in large part to student loans playing such a large role into today’s higher education finance. Not to mention the reduced role that social security will play in their long-term retirement planning.​
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Malcolm X Speaks on Black Economics

Same shit, different half century.

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