DETROIT (WWJ) – African-American businesses are growing at a rate three times the national average. That’s according to Michigan Black Chamber of Commerce President and CEO Ken Harris.
“These are 2012 census study statistics,” explained Harris. “That’s relevant to Michigan because it highlights the fact that there’s more than 79,000 black-owner firms in Michigan; more than 32,000 in the city of Detroit alone, which ranks number four in the entire country.”READ MORE: Third Stimulus Check: Why Your Next Relief Payment May Not Be $1,400
Harris thinks part of the reason for that growth is that many younger adults are choosing to turn an idea they’re passionate about into a business that will sustain them and their families.READ MORE: Looking to Travel? Here are the Latest COVID-19 Travel Restrictions State by State
“And, so entrepreneurship is extremely attractive,” said Ken Harris. “That’s why we have a Chamber of Commerce there now, to really nurture and develop young entrepreneurs; to put the types of resources in place that will allow them to benefit, to build their businesses more than just a one-employee business. But, more importantly, to compete globally.”MORE NEWS: Michigan Lawmakers raise concerns over reports of National Guard troops being served 'raw, moldy food' at US Capitol
The African-American community represents 1.2 trillion dollars in buying power. At this point, most of that money is spent outside the black community.