Latest Data Reveal Rapid Growth Continues for Minority Firms in Minnesota.. MN Latino Business Revenue Grew 250 percent – Second Highest in the Nation
Bruce P. Corrie, PhD Professor of Economics, Concordia University http://ethnictrends.info/MarketResearch.html firstname.lastname@example.org, Tel: 612 321 8263
· Ranked by revenue, minority firms as a group would be the 15th largest in the state with total revenue of $5.8 billion in 2007, larger than St. Jude Medical, Toro and Deluxe Corporation. Asian owned firms would rank the 22nd largest with revenue of $2.4 billion.
· Ranked by employees, minority firms as a group would be the 9th largest employer, bigger than General Mills, Ecolab and Hormel, employing almost 40,000 with an annual payroll of $1.1 billion.
· The number of minority firms grew by 43 percent between 2002-2007 compared to 12 percent for all firms in Minnesota. Black owned firms were the largest number of minority firms followed by Asian owned firms.
· Revenue of minority firms grew by 83 percent between 2002-2007 compared to 30 percent for all firms in Minnesota. Revenue of Latino firms grew by 248 percent during this time period – the second highest growth in the nation. Revenue of Native American firms grew 72 percent.
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(Data is from the Economic Census 2007, preliminary estimates)