A recent report from the U.S. Bureau of the Cenus has good news for America’s minorities and the economy. African Americans, Women, Latinos, and Asians are more than twice as likely to start up new businesses than the national average. The Census bureau report, which can be found here, examined statistics from 1997 to 2002. African Americas busienss start up were 45% higher than the national average. Latino start ups were 31% higher than the national average. Women and Asians had start up rates 20% higher than the national average. These trends are important. As the economy continues to transition to smaller, more nimble, and high value added companies, large corporations are shedding employment. The economic future lies in creating new businesses that will grow into the Microsofts of tomorrow. The key to growing wealth ultimately lies in the creative process of entrepreneurship, and minority groups have traditioanlly been under-represented among new business start ups.
Samuel R. Staley, Ph.D. is a senior research fellow at Reason Foundation and managing director of the DeVoe L. Moore Center at Florida State University in Tallahassee where he teaches graduate and undergraduate courses in urban planning, regulation, and urban economics. Prior to joining Florida State, Staley was director of urban growth and land-use policy for Reason Foundation where he helped establish its urban policy program in 1997.