07 30 2016
  4:08 am  
read latest

breaking news

The Wake of Vanport

Ronald Langston

WASHINGTON—Black-owned businesses are among the fastest-growing segments of the American economy, according to a report by the Census Bureau.

The number of Black-owned businesses grew by 45 percent from 1997 to 2002, more than four times the national rate for all businesses, the report said.

Revenues from Black-owned businesses increased by 25 percent during the period, to about $89 billion.
However, nearly all Black-owned businesses are small — 92 percent had no employees other than the owners. By comparison, about three-fourths of all U.S. businesses had no employees.

"We do have challenges, we are making progress," said Ronald Langston, director of the Commerce Department's Minority Business Development Agency. "This is the real challenge: to move these smaller businesses into the next step of growth."

The report is the third in a series of Census Bureau reports on businesses owned by women, Hispanics and Blacks.
Together, the reports show that the three groups are under-represented in business ownership but are narrowing the gap with White men.

From 1997 to 2002:

• The number of all U.S. businesses grew by 10 percent, to about 23 million.

• The number of businesses owned by women grew by 20 percent, to 6.5 million.

• The number of businesses owned by men grew by 16 percent, to 13.2 million.

• The remaining 3.3 million businesses reported in 2002 were either jointly owned by men and women or the owners could not be determined. The number of those businesses shrank during the period by 18 percent.

• The number of Hispanic-owned businesses grew by 31 percent, to nearly 1.6 million.

• The number of businesses owned by White entrepreneurs grew by 8 percent, to 19.9 million.

Blackentrepreneurs owned 1.2 million companies in 2002, or about 5 percent of all nonfarm businesses in the U.S. Hispanics owned about 7 percent and women of all races and ethnicities owned 28 percent, according to the Census Bureau.

Blacks made up about 12 percent of the population in 2002.

"We're about halfway there," said Harry Alford, president and CEO of the National Black Chamber of Commerce. "The future is bright. We will continue to spiral up."

Alford said Black entrepreneurs have been helped by improved education levels and increased incomes among Black consumers and business owners.

Blacks as a group still trail Whites in education and income, but they have made gains in the past half-century. In 1950, only 14 percent of Black adults had high school diplomas, compared with 36 percent of Whites, according to the Census Bureau. The gap narrowed by 2000, when 72 percent of Black adults had at least a high school diploma, compared with 84 percent of Whites.

"We've got the first generation of significantly educated people," Alford said. "There's a Black middle class like never before."

The report is based on administrative records and a survey of 2.4 million businesses. The Census Bureau defines Black-owned businesses as private companies in which Blacks hold at least 51 percent of stock or interest. The report does not classify public companies, with publiclytradedstock, because they can be owned by many stockholders of unknown races and ethnicities.

The largest sector for Black-owned businesses was health care and social assistance, with 246,000 Black-owned firms. The second largest was other services, such as personal services, repair and maintenance, with 210,000 firms.

However, in some states, Black-owned firms are concentrated in urban areas. About 80 percent of all Black-owned businesses in Illinois were in Cook County, home to Chicago. Los Angeles County was home to nearly half the Black-owned firms in California.

New York state had the most Black-owned firms, with 129,324. It was followed by California, Florida, Georgia and Texas. Together, the five states are home to 44 percent of all Black-owned firms in the country.

— The Associated Press

Recently Published by The Skanner News

  • Default
  • Title
  • Date
  • Random
  • Russian hackers likely responsible for hacking attack on Clinton HARRISBURG, Pa. (AP) — Giddy if exhausted, Hillary Clinton embarked on a post-convention Rust Belt bus tour just hours after becoming the first female presidential nominee of a major political party. The celebratory mood quickly evaporated amid fresh revelations that hackers had breached a program used by her campaign and Republican nominee Donald Trump promised to sharpen his barbs. "Remember this," Trump said during a rally Friday in Colorado Springs, Colorado. "Trump is going to be no more Mr. Nice Guy." And for the first time he encouraged his supporters' anti-Clinton chants of "lock her up." "I've been saying let's just beat her on Nov. 8," Trump said, "but you know what? I'm starting to agree with you." About an hour later, Clinton aides acknowledged that a hacking attack that exposed Democratic Party emails also reached into a computer system used by her own campaign. The FBI said it was working to determine the "accuracy, nature and scope" of the cyberattacks. Campaign spokesman Nick Merrill said the newly disclosed breach affected a Democratic National Committee data analytics program used by the campaign and other organizations. Outside experts found no evidence that the campaign's "internal systems have been compromised," Merrill said, but he gave no details on the program or nature of the attacks. Partnerships with modern e-commerce companies can allow sophisticated tracking, categorization and identification of website visitors and voters. President Barack Obama and cybersecurity experts have said Russia was almost certainly responsible for the DNC hack. The House Democratic campaign committee reported Friday that its information had been accessed. The developments followed the leaking of DNC emails earlier in the week that pointed to a pro-Clinton bias by party officials during her primary contest against Bernie Sanders. In the furor that followed, party chairwoman Debbie Wasserman Shultz resigned just as Democrats launched their convention. Clinton and her running mate, Sen. Tim Kaine of Virginia, will attempt to return attention to their positive economic message on Saturday, with campaign stops through economically struggling areas of Pennsylvania and Ohio. "When we take that oath of office next January, we know we can make life better. We know we can create more good jobs," she told voters gathered at an outside market in Harrisburg, Pennsylvania. Clinton cited an economic analysis by economist Mark Zandi, a former economic adviser to 2008 Republican presidential nominee John McCain, that found more than 10 million jobs could be created in her first term if her economic proposals were put in place. Zandi's analysis of Trump's plans found they would cost the country 3.5 million jobs and lead to a "lengthy recession." Joined on the bus tour by her husband, Bill Clinton, Kaine and his wife, Anne Holton, Clinton stopped at a toy and plastics manufacturer in Hatfield, Pennsylvania, where she and Kaine cast Trump as a con artist out for his own gain. "We don't resent success in America but we do resent people who take advantage of others in order to line their own pockets," Clinton said. Trump is also focusing on Ohio and Pennsylvania, two states where he might make headway with blue-collar white men. That group of voters has eluded Clinton and may be a hard sell after a Democratic convention that heavily celebrated racial and gender diversity. Clinton is playing up economic opportunity, diversity and national security. Democrats hammered home those themes this week with an array of politicians, celebrities, gun-violence victims, law enforcement officers and activists of all races and sexual orientation. Their goal is to turn out the coalition of minority, female and young voters that twice elected Obama while offsetting expected losses among the white men drawn to Trump's message. Democrats continued contrasting their optimistic message with the more troubled vision of the state of the nation presented by Trump and others at the GOP convention a week earlier. Kaine called the "very dark and negative" event a "journey through Donald Trump's mind." "That's a very frightening place," he told thousands of supporters in Philadelphia. Clinton told voters that they faced a "stark choice," calling the coming election the most important one in her lifetime. "This is a moment of reckoning for our country. I don't recognize the country that Donald Trump describes," she said.___Lemire reported from Colorado Springs, Colorado. Associated Press writer Eric Tucker in Washington contributed to this report.
    Read More
  • Six current or former state employees were charged Friday with misconduct and other crimes in the Flint water crisis 
    Read More
  • Hillary Clinton cast herself as a unifier for divided times, an experienced leader steeled for a volatile world 
    Read More
  • The Portland Harbor Community Coalition wants a more intensive cleanup and more time for public comment  
    Read More
load morehold SHIFT key to load allload all