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Index: Economy / Subcategory: Business

Minority Business Ownership

Date posted: 07/24/2004

Chart Directory:

Firms by Race/Ethnicity

Firms by Gender

In 1997, Colorado ranked 20th in the nation for number of minority-owned firms (United States Department of Commerce). The United States Economic Census measures the number of minority- and women-owned firms in relation to universal firms. Universal firms are all businesses, without regard to the race, ethnicity, or gender of the business owners. Total minority-owned firms refer to businesses owned by Blacks, Hispanics, Asians, Pacific Islanders, American Indians, and Alaska Natives (United States Economic Census 1997).

What this chart shows: Minority Owned Firms

Minority Owned Firms

Data Source: 1997 United States Economic Census - Surveys of Minority- and Women-Owned Business Enterprises

See data table

What these data tell us:

In 1997, the United States had a higher percentage of minority-owned firms than Colorado and Larimer County. This could be due to the fact that Colorado, Larimer County, Fort Collins, and Loveland have lower percentages of minorities in the total population than the nation as a whole (See Population by Ethnicity for 2000).

What this chart shows: Minority Owned Firms & Minority Population

Minority Owned Firms & Minority Population

Data Source:

See data table

What these data tell us:

Compared to the five states with the highest percentage of minority-owned firms in 1997, both Colorado and Larimer County had fewer minority-owned firms and lower percentages of minorities in the total population. On average, the percent of minority firms for Colorado and Larimer County was approximately three times lower than that of the top five states. Population percentages were about seven times lower in Colorado and Larimer County.

What this chart shows: Firm Ownership by Race/Ethnicity

Firm Ownership by Race/Ethnicity

*Black data were not reported (there were fewer than 100 Black-owned firms in Larimer County)

Data Source: United States Economic Census 1997 - Surveys of Minority- and Women-Owned Business Enterprises

See data table

What these data tell us:

In 1997, 94.4% of Larimer County firms were owned by White residents. The majority of minority firm owners, 50.9%, were Hispanic. This is not surprising as Hispanics represented 73.5% of Larimer County's total minority population in 1997 (United States Census). Together, American Indian and Asian firm ownership constituted 2.4% of total firms in the county.

Additional Information:

The United States Economic Census is updated every five years. Historical information from 1987 and 1992 is available on their website. The Economic Census 2002 will be available between late 2004 and 2005.

On Compass -

Outside Compass -

Industry Standards or Targets:

n/a

Data Tables:

Minority-Owned Firms

Area

Universal Firms

Number of Minority Firms

Percent Minority Firms

United States

20,821,935

3,039,033

14.6%

Colorado

410,249

37,021

9.0%

Larimer County

25,563

1,429

5.6%

Fort Collins

11,200

883

7.9%

Loveland

5,140

235

4.6%

See chart

Minority-Owned Firms & Minority Population

Area

Number Total Firms

Number Minority Firms

Percent Minority Firms

Percent Minority Population

California

2,565,734

738,000

28.8%

48.8%

Texas

1,525,972

365,450

23.9%

43.6%

New York

1,509,829

296,523

19.6%

34.1%

Florida

1,301,920

286,885

22.0%

30.9%

Illinois

882,053

110,340

12.5%

27.9%

Colorado

410,249

37,021

9.0%

7.5%

Larimer County

25,563

1,429

5.6%

3.2%

See chart

Firm Ownership by Race/Ethnicity

Race/Ethnicity

Number of Firms

Percent of Total Firms

White

24,134

94.4%

Total Minority

1,429

5.6%

American Indian

142

0.6%

Asian

457

1.8%

Hispanic

729

2.9%

Other

101

0.4%

*Data for Black business-owners were not provided.

See chart