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Minority Enterprise Development Week: September 18-24, 2022

Press Release Number CB22-SFS.129

According to the U.S. Department of Commerce, The Minority Business Development Agency: Vital to Making America Great

“By 2044, the Nation’s prosperity will rely even more on minorities, the fastest growing segment of the population. Entrepreneurship is a sure pathway to wealth creation and a thriving national economy. Today, U.S. minority business enterprises (MBEs) represent 29% of all firms but only 11% have paid employees. If MBEs were to obtain entrepreneurial parity, the U.S. economy would realize 13 million more jobs.”

Small business

Key Stats

From Census.gov / Topics / Business and Economy:

Note: The source for the stats in the table above can be found in Table AB1800NESD05 below.

More Stats

Note: From QWI 101, Overview: The Quarterly Workforce Indicators (QWI) provide local labor market statistics by industry, worker demographics, employer age and size. Unlike statistics tabulated from firm or person-level data, the QWI source data are unique job-level data that link workers to their employers. Because of this link, labor market data in the QWI is available by worker age, sex, educational attainment, and race/ethnicity. This allows for analysis by demographics of a particular local labor market or industry – for instance, identifying industries with aging workforces.

From Surveys & Programs > Annual Business Survey (ABS) Program:  

Note: To pen the three tables above, you may need to first click “Filters” on the right to close that window, then under “DOWNLOAD TABLE,” click “open the table.”

Source: 2019 American Community Survey (ACS) 1-Year Estimates. 

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