Revenues up dramatically for Washington's top 50 minority-owned businesses

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Stephanie Forshee

Research Director- Puget Sound Business Journal

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In the wake of civil unrest across the country with protesters fighting for racial equality, it is especially meaningful to acknowledge how far Washington state has come in terms of equalizing the workforce based on ethnicity.

The state's minority-owned businesses have experienced substantial growth this year. Collectively, The List of Top 50 Largest Minority-Owned Businesses earned 12 percent more in 2013 than the year prior. Together, the 50 businesses earned almost $3.2 billion, up from just more than $2.8 billion last year.

Our top 6 largest all reported revenues topping $100 million.

Our No. 1 company reported more than $1.2 billion in revenue in 2013, which is more than double the revenue of our No. 2 company. The highest revenue generator on The List reported revenue exceed $1 billion in revenue since 2011, and it has climbed each year.

Fifteen of our Top 50 Largest also appear on the Fastest-Growing Minority-Owned Businesses list, which indicates that many minority-owned businesses are thriving across the state.

But that is not to say that minority-owned businesses are without their struggles – whether it be from shrinking profits or the increased level of competition.

Even our No. 5 company fell two spots since last year's ranking. Our No. 3 and No. 4 companies, Apollo Mechanical Contractors and Town & Country Markets Inc., gave the company a run for its money this past year, since both of those businesses upped revenue by more than $19 million and $11 million, respectively.

And Farrow Construction Specialties, last year's No. 32 on the list, which reported revenues of about $9.7 million, is no longer in operation. The owner could not be reached for comment, so it is unclear why the business is now defunct.

In terms of which groups are leading the way as business owners, Asian Americans/Pacific Islanders account for about 58 percent of our Top 50 largest companies ranked by revenue. That is directly mirrored in our Top 5 List where three of the minority-owned businesses (60 percent) are owned by that demographic.

Stephanie Forshee compiles research for the lists.