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3 Outstanding Facts From Latest Data on Minority Biz

Bruce P. Corrie, PhD

Glamour Awash

Glamour US at the AWASH Mall on University and Dale in St. Paul

The latest data on minority businesses released by the Survey of Business Owners, 2012 shows three striking facts about minority businesses in Minnesota:

  1. As a group minority businesses in Minnesota are the top employer in Minnesota employing  over 60,000 Minnesotans. Mayo Clinic holds the top rank in the state employing 39, 518 people according to top employer data from DEED.
  2. While the number of firms in Minnesota dropped by 2 percent during the period 2007-12, the number of minority firms grew by 53 percent during the same period.
  3. With $8.7 billion in sales, minority firms in Minnesota as a group would be the 15th largest business in Minnesota (Using Star Tribune Top 100 Companies data).

In 2012 there were 47,565 minority firms in Minnesota with $8.7 billion in sales employing 63, 360 Minnesotans with an annual payroll of $1.7 billion. Survey of Business Owners, 2012

In 2012 there were over 8 million minority firms in the US with $1.5 trillion in sales making them a group larger than the GDP of many countries in the world.

 

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