African-American History Month: Black-owned Business

The Census Bureau reports that receipts from black-owned businesses totaled $92.7 billion in 2002, up 30 percent from 1997. he rate at which black-owned businesses increased their receipts was 22 percent higher than the national average.

The 1.2 million black-owned businesses in 2002 was up by more than 370,000, or 45 percent, since 1997. An estimated 94,862 black-owned firms had paid employees, with receipts of $69.8 billion or about $735,586 per firm.

Black business owners were more likely to hold graduate degrees when they started or acquired ownership in their business (about 1-in-4) than the national average (19 percent).

Also See: Number of "Majority-Minority" States Grows