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Black Owned Businesses Fastest Growning Segment of U.S. Economy

Black-owned firms grew faster — both in number and sales — than U.S. firms did as a whole over a five-year period, according to the latest data available from the Census Bureau.

The number of black-owned businesses increased 60% between 2002 and 2007, more than three times the growth seen among all firms, according to the Census Bureau’s business owners survey. Meanwhile, sales jumped 55%, vs. 34% for all businesses.

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News

Support African American businesses and save

A national statistic shows 90-percent of the dollars spent by African Americans go to businesses that are not African American owned or invested.

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Business

Two brothers, no fears and $1 billion empire

Michael and Steven Roberts didn’t have two quarters to rub together a couple of decades ago. Now, the two African-American business leaders estimate their holdings — from hotels to TV stations — are worth $1 billion. One St. Louis hotel they own once barred black people.

“Black folks need legacy. We have to have examples of successes in order for us to be able to let the generations to come know that many of the successes that occurred by African-Americans in this country can be seen and pointed out and can be emulated,” says Michael Roberts, the chairman and CEO of The Roberts Companies.