Data released (February 8, 2011) by the Survey of Business Owners, 2007 as part of the Economic Census reveals the rapid growth of Black firms in Minnesota. There were 12, 454 Black firms in Minnesota (617 had employees) with receipts of $917 million and employing 10,746 people with an annual payroll of $258 million.
Most of these firms had receipts less than $50,000. There were 265 firms with receipts greater than $500,000 with 118 of the firms having receipts over a million dollars.
The top five sectors were: Health Care and Social Assistance, followed by Transportation and Warehousing, Professional and Technical Services, Administrative and Support and Waste Management and Remediation Services and Retail Trade. The top sectors in terms of receipts were Retail, Administrative Support and Waste Management and Remediation, Health Care and Social Assistance and Professional and Technical Services.
The top sectors in terms of employment were Health Care and Social Assistance, Administrative and Support and Waste Management and Remediation followed by Accommodation and Food Services. These three sectors plus Information were the largest in terms of annual payroll.
Between 2002 and 2007 the number of Black firms in Minnesota grew by 58.9% compared to 12 percent for all firms in Minnesota. During the same period receipts grew by 34.5 percent.
9.7 percent of all firms in Minneapolis were Black Firms. 5.2 percent of all firms in Hennepin County were Black firms. Minneapolis ranked 29th for the number of Black firms out of 50 of the largest cities in the country.
Hennepin County ranked 36th for the number of Black firms out of 50 of the largest counties in the country.