The number of minority-owned businesses in the Dallas-Fort Worth-Arlington region exceeds the national rate, according to a new survey by the U.S. Census Bureau.
The bureau’s first Annual Survey of Entrepreneurs found that 17.5 percent of firms nationally are owned by minorities. In Dallas-Fort Worth, the rate is 23.4 percent.
Businesses are being created at a rapid rate, said the report, which studied 2014 data, the most recent comprehensive data that is available, saying “nearly 1 in 10 businesses with employees are new.” There were 5.4 million U.S. firms with paid employees – the survey does not include firms with a single worker – according to the report, and of those, 17.5 percent, or 949,318, were minority-owned.
More than one third – 36 percent – of the 50 most populous metropolitan statistical areas had approximately 20 percent or more minority ownership of their employer businesses.
Annual Survey of Entreprenuers
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In the Dallas-Fort Worth-Arlington region, there were 107,964 businesses with employees, of which 7,417 were Hispanic-owned and 2,991 were black-owned.
“We are pleased that it’s trending upward,” said Devoyd Jennings, the president and chief executive officer of the Fort Worth Metropolitan Black Chamber of Commerce. Told that minority-owned businesses were more than 23 percent of the total number of businesses in the area, Jennings said, “Most of us feel we could be at 35 percent to 40 percent because of the opportunities here. Our area is one of the hottest in the country.”
Jennings cited Arlington’s recent decision to increase its contracting goal for minority- and women-owned businesses to 25 percent from 20 percent.
“That was a real forward position for them to take,” said Jennings. Arlington is planning to build a new $1 billion baseball stadium for the Texas Rangers.
The Annual Survey of Entrepreneurs is a new product that will be issued in addition to the Survey of Business Owners, which is done every five years, according to the Census Bureau.
“For the first time, we are making statistics available every year that show a portrait of America’s business owners, providing information vital to understanding the state of our economy,” Census Bureau Director John H. Thompson said in a release.
The survey is a public-private partnership by the Census Bureau, the Ewing Marion Kauffman Foundation and the Minority Business Development Agency.