ALANA Firms in Minneapolis

There are over 5000 ALANA firms in Minneapolis with $1.3 billion in revenue. There are over 700 employer firms employing over 10,000 people with an annual payroll of $326 million. (Source: Survey of Business Owners, 2007). I shared this information at the OneMinneapolis conference at the Minneapolis Convention Center today.

ALANA Buying Power $ 2.4 billion in Minneapolis

ALANA (African Latino Asian and Native American) buying power is an estimated $2.4 billion in Minneapolis. The ethnic economy can be a powerful engine of economic growth in Minneapolis. I shared this information at the OneMinneapolis conference at the Minneapolis Convention Center today.

Islamic LIBOR rate launched

The Wall Street Journal reported the launch of an new financial benchmark rate akin to LIBOR that follows the principles of Islamic finance called the Islamic Interbank Benchmark Rate (IIBR). In the past Islamic financial institutions used the LIBOR.
http://online.wsj.com/article/SB10001424052970204443404577054150155788364.html?KEYWORDS=islamic+libor

BLACK FIRM - RAPID GROWTH IN MN, 2007

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 of which 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 29^th for the number of Black firms out of 50 of the largest cities in the country. Hennepin County ranked 36^th for the number of Black firms out of 50 of the largest counties in the country.

For more information please visit http://ethnictrends.info/MarketResearch.html.

Black Firms - Largest Minority Group of Firms in MN

Black Firms were the largest group of minority firms in Minnesota. There were 12,454 Black firms in Minnesota in2007. The number of Black firms grew by 59 percent between 2002 and 2007 (compared to 12 percent for all firms in Minnesota) according to preliminary estimates from the Survey of Business Owners. These firms had receipts close to a billion dollars and employed almost 5000 people in Minnesota.

Nationally there are almost 2 million Black firms in the United States with an estimated $137 billion in sales.

The Survey of Business Owners is expected present a complete report of Black firms in Minnesota next week.

Black Talent in Rural MN

According to this user friendly site http://chronicle.com/article/Adults-With-College-Degrees-in/125995/:

The percentage of Blacks with a Bachelor's degree was higher than the state and national average for Blacks and higher than the white percentage in the following counties: Cass, Todd, Carlton, Kanabec, Isanti, McLeod, Carver, (Washington), Nicollet, Dodge, Pipestone, Rock, Nobles and Jackson. There is a small Black population in these areas but as the data shows - relatively higher human capital.