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credit line is used: © Copyright Tracy Brown, www.DiversityTrends.com.
The Changing Face of the United States
Have you noticed the people around you lately? We’re rethinking
the
term ‘minority’ these days. Reports issued by the U.S.
Census
Bureau, Dept. of Commerce and the Minority Business Development
Agency, show that rapid changes are afoot. And we’d best
pay
attention.
There’s been a lot of talk in recent years about aging baby
boomers. But we’ve heard far less about growth of the nation’s
so-called minority populations. Growth of racial and ethnic
minority groups is set to overtake that of non-Hispanic White
populations within the next 45 years. If you’re wondering
why that
should matter to you, consider the impact on economic growth.
Minority-owned businesses are important to the success of the
U.S.
economy. The Small Business Administration (SBA) estimates that
today women- and minority-owned businesses contribute around 20%
in
revenues overall to the U.S. economy. Historically, such businesses
participate in a wide variety of industries and have reported
significant growth. Often that growth has outpaced other
businesses.
Since 1997 the SBA Office of Advocacy estimates
minority businesses grew 168% with an equally stunning 343% growth
in revenues (after adjusting for inflation). Both Asian- and
Black-owned businesses grew four times faster than their
non-minority counterparts did, while Native American-owned
businesses grew 12 times faster over a ten-year period.
So, you’re asking yourself, just who are these “minority
business
owners”? Anyone who considers themselves to be non-White:
Asians,
Native Americans, Alaskans, Pacific Islanders, Hispanics/Latinos,
native Hawaiians and African Americans/Blacks. Where do they come
from? America is the melting pot of the world! Many were born here;
and over the past 10 years there’s been an increase in Hispanic
and
Asian immigration. Many newcomers earn their living by starting
a
business; often that business exports or has ties to the home
country. Are they successful? By all accounts, extremely so,
particularly among Asian business owners.
“The official population estimates now indicate that the
Hispanic
community is the nation’s largest minority community,” said
Census
Bureau Director Louis Kincannon in a 2003 press release. “This
is
an important event in this country; an event that we know is the
result of the growth of a vibrant and diverse population that is
vital to America's future.”
The 2000 Census showed other important trends. California, Hawaii,
New Mexico and the District of Columbia now consider non-Whites
their majority populations. Whites are moving from the cities to
the suburbs; of the top 100 cities close to 20 would not have
experienced any growth if their minority populations had not
increased.
By 2015, non-Hispanic Whites will be a primarily elderly
population, and by 2035 that group will be experiencing a negative
growth rate. Racial and ethnic “minority” groups have
a much
younger median age, and by 2050 will account for nearly 90% of
total population growth. The Census Bureau projects that by 2050
there will be 18 million more minorities than non-minorities under
age 35.
These changes definitely will affect your applicant pool. And
helping your employees interact effectively with people from all
ethnic groups will be crucial. But also think about the impact
beyond your applicants and your workforce. Your next supplier
may well be a member of one of these groups. Your clients and your
customers – in fact all consumers – increasingly will
represent
these population changes. Are you ready to meet their needs and
expectations?
Population
Growth Statistics (US Census Bureau)
US Census Bureau Fact Sheets
Want to know more? The U.S. Census Bureau has put together detailed
demographic information about each minority group from the 2000
Census.
Hispanic/Latino
Blacks/African Americans
Asian
Native Hawaiians/Pacific Islanders
Native Americans/Alaskans
Gazelle Index Quarterly Business Confidence Reports
ING reports, published quarterly, provide detailed commentaries
on
the confidence of the nation’s fastest growing business sectors.
Sources
“What role do women, minority, and veteran entrepreneurs
play in
the economy?” Small Business by the Numbers, SBA, Dec 2003.
“Dynamic Diversity: Projected Changes in U.S. Race and Ethnic
Composition 1995 to 2050,” U.S. Census Bureau report commissioned
by the U.S. Department of Commerce Minority Business Development
Agency (http://www.mbda.gov/)
“Hispanic Population Reaches All-Time High of 38.8 Million,
New
Census Bureau Estimates Show,” June 18, 2003. US Dept of
Commerce
press release.
Hobbs F, N Stoops, 2002. Demographic Trends in the 20th Century,
US
Census Bureau, Census 2000 Special Reports, Series CENSR-4
(Washington, DC: US Government Printing Office).
Humphreys JM. 2003. “The multicultural economy 2003: America’s
minority buying power,” GBEC 63:2, Selig Center for Economic
Growth
(Athens, Ga.: University of Georgia).
Minorities in Business, 1999. Office of Advocacy (Washington,
DC:
US Small Business Administration)
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