Washington DC, Dec. 18, 2020 (GLOBE NEWSWIRE) -- The Nation’s nearly 8.2 million minority nonemployer firms generated $279.3 billion in revenues in 2017 and grew in number at four times the rate of nonminority nonemployer firms between 2014 and 2017. The U.S. Department of Commerce’s Minority Business Development Agency (MBDA), in collaboration with the U.S. Census Bureau (Census), released these new statistical data today in the 2017 Minority Business Summary for Nonemployer Businesses (Summary). The Summary provides an overview of minority nonemployer businesses by race, sex, veteran status and state, drawn from the Census Bureau’s new Nonemployer Statistics by Demographics (NES-D) data product, including growth comparisons to 2014 levels and to non-minority nonemployer firms.
NES-D are annual statistical data developed by linking existing administrative data and Census Bureau survey data to assign demographic characteristics to the universe of nonemployer businesses, including the nearly 8.2 million minority-owned nonemployer businesses. NES-D replaces the nonemployer component of the Census Bureau’s Survey of Business Owners (SBO), which was conducted every five years and ended in 2012. The NES-D provides more frequent and timely high-quality data at lower cost than the SBO with no additional respondent burden.
“These data provide an essential benchmark on the strength of the minority business sector prior to COVID-19,” said MBDA National Director David J. Byrd. “The new annual data will help us identify analyze the state of minority businesses more precisely and will better guide the creation and deployment of federal resources to support minority entrepreneurs. We have the opportunity through our partnership with the U.S. Census Bureau to enhance cooperation, collaboration, and coordination among communities, entrepreneurs and business leaders.”
Major highlights of the 2017 Minority Business Summary for Non-Employer Businesses include:
MBDA’s Office of Policy Analysis and Development (OPAD) plans to use the NES-D data in upcoming fact sheets and reports. For other research and data resources, please visit https://www.mbda.gov/about-us/research-data.