Firms Owned by Minority Women Grow 153%

Businesses owned by minority women, which now have more than $184 billion in annual sales, are growing three times faster than the nation’s overall rate, a new report by a women’s business group says. The report by the National Foundation for Women Business Owners shows substantial increases in the number of businesses and employees and in sales revenue of companies owned by black, Asian American, Hispanic and Native American women between 1987 and 1996. During that period, the number of U.S. firms owned by minority women rose 153% to 1.1 million, compared with growth rates of 78% for all businesses owned by women and 47% for all businesses generally, according to the report. The foundation described the report, which was based on the group’s analysis of census data and sponsored by IBM Corp., as the first detailed, up-to-date study of businesses owned by minority women.