Businesses that are owned by minorities are on the move and growing rapidly. In spite of all the obstacles and risks involved, minority-owned businesses are strong and here to stay.
Minority-owned businesses dominate
In some parts of the country, minority-owned businesses represent the lions share of all small businesses. For example, they represent 75 percent of all businesses in Laredo, Texas; 72 percent in McAllen, Texas; 65 percent in Brownsville/El Paso, Texas. Similar large numbers are recorded for Honolulu at 65 percent, El Centro, California at 60 percent, and Miami-Ft. Lauderdale, Florida at 53 percent. In fact, 14 of the top 20 metro areas with the most minority-owned businesses are in Texas and California.
What city has the most minority-owned businesses?
New York tops the list with the most minority-owned businesses, a total of 649,000. Coming in second is Los Angeles with 570,000, and Miami with 430,000. Chicago and Detroit made the top 20 list as well. Chicago has 211,000 and Detroit has 73,500 minority-owned businesses.
More growth is expected
What's interesting about these numbers is that they are taken from census figure data from 2007. Even further increases in these numbers are expected from more recent data. The data was reported by National Journal, a highly-respected publication in Washington, D.C.