Many Americans, those born here and those who immigrate, dream of opening a business and prospering according to their talents. The economic census offers a view of who owns America’s businesses and whether all population groups are sharing in the entrepreneurial opportunity.
Every five years in years ending in 2 and 7, the Census Bureau conducts the economic census to measure the nation’s businesses. As part of the census, we take a Survey of Business Owners. Results from the 2007 survey tell us that one in five firms is a minority-owned business. In 2007, there were 5.8 million minority firms – 46 percent more than in 2002, the last time we measured this group.
Starting today, we are releasing more detailed data on the various groups. First up are the detailed data on Hispanic business owners, which we will unveil at a Census Bureau news conference today at 2 p.m. EDT. I invite you to watch over the Web.
Over the next nine months, as the data for other groups are released, the nation’s cities and counties will gain a more complete picture of business ownership within their communities.