By Bruce Corrie, Ph.D.
According to new data from the Economic Census 2007, preliminary estimates, the ALANA (African Latino Asian and Native American) firms in Minnesota (Economic Census 2007) reveals some interesting trends:
• Ranked by revenue, minority firms as a group would be the 15th largest in the state with total revenue of $5.8 billion in 2007, larger than St. Jude Medical, Toro and Deluxe Corporation. Asian owned firms would rank the 22nd largest with revenue of $2.4 billion.
• Ranked by employees, minority firms as a group would be the 9th largest employer, bigger than General Mills, Ecolab and Hormel, employing almost 40,000 with an annual payroll of $1.1 billion.
• The number of minority firms grew by 43 percent between 2002-2007 compared to 12 percent for all firms in Minnesota. Black owned firms were the largest number of minority firms followed by Asian owned firms.
• Revenue of minority firms grew by 83 percent between 2002-2007 compared to 30 percent for all firms in Minnesota. Revenue of Latino firms grew by 248 percent during this time period – the second highest growth in the nation. Revenue of Native American firms grew 72 percent.
“Minnesota, it is time for a new vision. ALANA Capital can make Minnesota a Global Competitor. These firms are rebuilding the inner city, expanding the high tech corridors and creating jobs and wealth in Minnesota.”
Bruce P. Corrie, Ph.D. is the Dean of the College of Business and Organizational Leadership at Concordia University – Saint Paul. He may be reached at [email protected].