For Immediate Release
Contact: Kay DeBow email@example.com
Dateline: Washington, DC July 13, 2010 – The US Census Bureau has released the latest numbers on small business – by race and gender – and the numbers are all positive. The fastest growing segment of small business is that of Black owned businesses with a growth rate of 60.5% compared to 18% for the overall total (2002 vs. 2007). It appears to the National Black Chamber of Commerce 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 paid dividends to American entrepreneurs. “This isn’t a coincidence. There is cause and effect and something happened during the Bush years”, says Harry C. Alford, President/CEO and co-founder of the NBCC.
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. “The efforts of the Civil Rights Movement are bearing fruit”, says NBCC Chair Sherrie Gilchrist, “A little equality can go a long way.”
Here are 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.
Georgia leads the nation in growth with a whopping 103.3% increase (2002 vs. 2007). The inclusionary efforts of the late Atlanta Mayor Maynard Jackson are still paying dividends. Conversely, California is lagging the nation with only 22.2% growth which can be attributed to Proposition 209 and other locally related economical stress.
The NBCC federation, the largest Black business association in the world, is very proud of this progress and looks forward to a continuing bright future.