The U.S. Census Bureau released new estimates showing 1.1 million employer firms were owned by women and 1.0 million by minorities on 01/28/2021. According to the 2019 Annual Business Survey (ABS), covering the reference year 2018, approximately 18.3% (1.0 million) of all U.S. businesses were minority-owned and about 19.9% (1.1 million) of all businesses were owned by women.
The Annual Business Survey (ABS) provides information on selected economic and demographic characteristics for businesses and business owners by sex, ethnicity, race, and veteran status.
Here are some highlights:
In the United States, the four sectors with the most businesses were Professional, Scientific, and Technical Services; Construction; Health Care and Social Assistance; and Retail Trade. Combined, these estimated 2.8 million businesses employed about 51.1 million people and had an annual payroll of approximately $2.6 trillion.
Veteran-owned businesses made up about 5.9% (337,934) of all businesses, with an estimated $947.7 billion in receipts, approximately 3.9 million employees, and about $177.7 billion in annual payroll.
The number of Hispanic-owned businesses had a growth of about 3.0% from 2017. In 2018, Hispanic-owned businesses made up about 5.8% (331,625) of all businesses, with an estimated $455.6 billion in annual receipts, approximately 3.0 million employees, and about $101.1 billion in annual payroll.
There were an estimated 577,835 Asian-owned businesses with about 24.5% (141,746) in the Accommodation and Food Services sector. Asian-owned businesses had the largest estimated receipts ($863.3 billion) among minority groups.
Blacks or African Americans owned approximately 124,551 businesses, with about 28.5% (35,547) of these businesses in the Health Care and Social Assistance sector, the highest percentage of any minority group.
There were an estimated 24,433 American Indian and Alaska Native-owned businesses with approximately $33.7 billion in receipts, an estimated 200,256 employees, and about $8.2 billion in annual payroll.
There were approximately 6,653 Native Hawaiian and Other Pacific Islander-owned businesses with nearly $11.2 billion in receipts, an estimated 54,446 employees, and about $2.1 billion in annual payroll.
Among minority-owned companies, more than 50% have only 1-4 employees.
Source: census.gov
American Notary Service Center Inc. provides fair, fast, confidential, and professional document notarization and certification services for our clients. We also provide various assistance services to small businesses led by socially and economically disadvantaged groups. Our service helps small businesses obtain federal government contracts, gain a foothold in the market, and boost their sales. For more information, please visit our website at www.usnotarycenter.com, and contact us by calling 202-599-0777 or by email at info@usnotarycenter.com.