38% Percent Growth - But Economic Parity Remains
Between 2007 and 2012, the number of minority-owned firms grew by 38 percent, compared to a 6 percent decrease for non-minority-owned firms, and compared to 12 percent growth for the minority population age 18 and older, during the same period. Minority-owned firms employed approximately 7.2 million people in 2012, up from 5.9 million in 2007.
Yet we still have work to do. It’s encouraging that minority-owned firms are growing fast, but economic parity remains elusive. In 2012, average gross receipts for minority-owned firms decreased to $173,500 from $179,000 in 2007, still well below gross receipts for non-minority-owned firms, which had average gross receipts of $552,000.
To make sure minority communities and our overall economy is sound over the long-term; we need to ensure that the growth and competitiveness of the minority business community continues to be a national priority.
How We Help
MBDA Business Centers
MBDA is focused on increasing access to capital, contracts and new markets for minority-owned firms. Please engage with one of business development specialists at our Business Centers around the nation and let us help you grow to size and scale.