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FOR IMMEDIATE RELEASE
Alan Fogg,
Director of Communications
afogg@fceda.org, 703-790-0600
Census Bureau counts 3,336 black-owned firms, 4,960 Hispanic-owned firms in Fairfax County
Companies' combined revenue neared $1.3 billion in '97, FCEDA says
Fairfax County, Virginia, March 22, 2001 — New U.S. Census Bureau data counted 4,960 Hispanic-owned firms and 3,336 black-owned firms based in Fairfax County, and those companies had revenues of almost $1.3 billion in 1997, according to the Fairfax County Economic Development Authority (FCEDA).
Hispanic-owned firms in the county had receipts of $665.4 million, according to census figures. The companies represented 36.2 percent of all Hispanic-owned firms in Virginia.
Black-owned firms based in the county had receipts of $628.2 million, the Census Bureau reported. The companies represented 9.9 percent of all African American-owned firms in the state.
Many of the minority-owned companies are sole proprietorships. The number of Fairfax County Hispanic-owned firms with paid employees totaled 695, and they employed 8,496 workers. The number of Fairfax County black-owned firms with employees totaled 389, and they employed 6,829 workers.
All numbers are drawn from the latest economic census, released by the Census Bureau today. In its last economic census, done in 1992, the Census Bureau reported numbers of black- and Hispanic-owned firms. For example, the government counted 3,110 Hispanic-owned firms with receipts of $177 million, and 2,264 black-owned firms with receipts of $335.3 million, in 1992. However, significant changes in survey methodology preclude comparing 1992 and 1997 numbers, the bureau said.
"Fairfax County is the business center of the Washington area and Virginia, and the number of minority-owned firms show that opportunities abound here for all types of business people and that they can succeed here," said Gerald L. Gordon, PhD., president and CEO of the FCEDA.
The FCEDA runs a business development program for small, minority- and women-owned businesses. In July the FCEDA is hosting the Emerging Business Forum, a conference aimed at helping African-American, Hispanic-American, Asian-American and Native American business people develop access to capital, business and networking connections, and mentors. Among other sponsors are the Commonwealth of Virginia, KMPG, McGuire Woods, RCI Systems, Pepper Hamilton, AOL, Fannie Mae, and members of the Greater Washington Initiative. The conference will be held at the Westfields Conference Center in Chantilly, Virginia.
The FCEDA (www.FairfaxCountyEDA.org) assists businesses by identifying possible sites and facilities, and is a source for up-to-date demographic and economic statistics. The FCEDA maintains marketing offices in London, Frankfurt and Tokyo.
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