Interesting and encouraging trends are revealed in the Economic Census, 2007, on ALANA businesses in Minnesota. For example, during the period 2002–2007, the number of minority owned firms grew 43% compared to 12% for all firms in Minnesota. Blacks own the largest number firms among the minorities, followed by Asians.
During the same period, revenue of minority firms grew a healthy 83% compared to 30% for all firms in Minnesota. Revenue of Latino firms grew a whopping 248% during the same period: this is records the second highest growth rate in the nation. Revenue of Native American firms grew steadily at 72%.
Ranked by revenue, minority firms together were 15th largest in the state netting total revenue of $5.8 bn in 2007—larger than St. Jude Medical, Toro and Deluxe Corporation. The firms owned by Asians ranked 22nd largest with revenue of $2.4 bn.
Ranked by employees, minority firms together were 9th largest employer—bigger than General Mills, Ecolab and Hormel—employing almost 40,000 with an annual payroll of $1.1 bn.
(Data is from the Economic Census 2007: preliminary estimates)
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