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Increase of Minority Owned Businesses - 5/3/16

According to a new report from the Center for Global Policy Solutions, the number of businesses owned by women of color expanded faster than almost every other demographic group during the years during and after the recession.  Research indicates that entrepreneurs of color – both men and women – represented a key driver of business and employment creation between two thousand and seven and twenty twelve.

As indicated by writer Kate Davidson, overall, minority owned businesses were responsible for adding more than seventy two percent of the new jobs created during those years.  The number of firms owned by people of color grew across nearly every group with the exception of African American males. 

The number of businesses with paid employees owned by Asian American women grew thirty eight percent in the years during and after the recession, faster than any other demographic group. 

The number of business owned by Hispanic women expanded by nearly twenty seven percent, and by African-American women by more than twenty percent.  The number of businesses owned by African-American men declined by a bit more than two percent.    

Anirban Basu, Chariman Chief Executive Officer of Sage Policy Group (SPG), is one of the Mid-Atlantic region's leading economic consultants. Prior to founding SPG he was Chairman and CEO of Optimal Solutions Group, a company he co-founded and which continues to operate. Anirban has also served as Director of Applied Economics and Senior Economist for RESI, where he used his extensive knowledge of the Mid-Atlantic region to support numerous clients in their strategic decision-making processes. Clients have included the Maryland Department of Transportation, St. Paul Companies, Baltimore Symphony Orchestra Players Committee and the Martin O'Malley mayoral campaign.