HONOLULU (KHON2) — A new study ranks urban areas with the most minority owned businesses and Honolulu came in at number one for midsize metros.
According to smartestdollar.com, an organization made to help consumers and businesses make informed financial choices, there are high ratios of minority business ownership among high minority states like Hawaii and low minority population states like West Virginia.
They report America’s population of racial and ethnic minorities is growing faster than ever. While white Americans still represent a majority of the population, the number of Americans identifying as white alone declined by 8.6% from 2010 to 2020.
During that time every other racial group saw increases in population and they estimate the rapid growth is poised to continue: estimates project that the U.S. will become “majority minority” by the end of the 2040s.
According to their findings racial and ethnic minorities are playing a greater role in the economy as America’s nonwhite population grows. Minority business enterprises have accounted for more than half of the new businesses created in the U.S. over the last decade, creating 4.7 million jobs in the process.
In Hawaii 58.3% of businesses in Hawaii are minority owned and the ratio of minority businesses to minority population is 0.71.
Despite the ongoing pandemic people are still choosing to move out of their home states and start a new life in Hawaii. Some opening businesses, buying houses and raising a family on the islands.
Janai Simpson is just one example of a Black woman moving to Hawaii and starting her own business.
During the pandemic when she lost her job she picked up a hobby on the side that turned into her passion project which later turned into her full time business.
“I’m so grateful for this island and the community that has adopted me; what I do now wouldn’t be possible without God, my family and the support of my community,” said Simpson.
Another example of a new minority owned business is Oahu Premier Picnics owned by Jamie Siangco. She started her pop-up picnic business in May and is happy for the continued support from her community.
“Especially with the pandemic, with things opening back up and stuff it is important to keep the money on our island,” said Siangco.
Racial and ethnic minorities are playing a larger role in the economy as America’s nonwhite population grows. So far, minority business enterprises have accounted for more than half of the new businesses created in the U.S. over the last decade creating 4.7 million jobs in the process.
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To read the full report and see the breakdown state by state head to Smartest Dollar’s website.