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1. DarkStar
   January 21st, 2011 @ 2:08 pm

   Survey of Business Owners – Black-Owned Firms: 2002

   SUMMARY OF FINDINGS

   In 2002, there were 1.2 million black-owned firms in the U.S., employing nearly 754 thousand persons and generating nearly $89 billion in business revenues. These black-owned firms accounted for 5.2 percent of all nonfarm businesses in the U.S., 0.7 percent of their employment, and 0.4 percent of their receipts.

   The 2002 Survey of Business Owners (SBO) defines black-owned businesses as firms in which African Americans own 51 percent or more of the stock or equity of the business. The data in this report were collected as part of the 2002 Economic Census from a large sample of all nonfarm businesses filing 2002 tax forms as individual proprietorships, partnerships, or any type of corporation, and with receipts of $1,000 or more.

   KIND-OF-BUSINESS CHARACTERISTICS

   In 2002, nearly 4-in-10 black-owned firms operated in health care and social assistance, and other services, such as personal services, and repair and maintenance, where they owned 9.7 percent of all such businesses in the U.S.

   Retail trade, and health care and social assistance accounted for 28.7 percent of all black-owned business revenue. Fifty-four percent of the retail trade revenue was concentrated in motor vehicle and parts dealers. Table A (xls 18 kb) shows the industries accounting for the largest receipts for black-owned firms.