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According to a Pew Research Center survey, nearly 6 in 10 Black adults say supporting Black businesses is a very effective strategy for moving toward equality in the United States. ing.
Although the number of black-owned businesses in the United States has increased in recent years, black business owners make up only 2.4% of all corporate employers, and the black population of the United States accounts for approximately 12.4%. ing. This disproportionate representation of business owners is in the opposite direction for white Americans, who make up about 59% of the total population living in the United States, but make up the majority (86%) of employee-business owners. .
In 2022, there will be 161,031 Black or African American-owned businesses operating, with an estimated annual revenue of $183.3 billion. The number of Black-owned businesses has increased from 2020, when an estimated 140,918 businesses were in operation.
Black-owned businesses employ 1.4 million people and pay approximately $53.6 billion in payroll annually, according to data from the Census Bureau’s 2022 Annual Business Survey.
Despite the fact that the majority of Black-owned businesses pay less (about 66% of businesses had fewer than 10 employees in 2020, according to the Pew Research Center), some Black-owned businesses pay less each year. It generates billions of dollars in revenue and employs thousands of people.
The companies below are some of the largest Black-owned businesses in the United States.
At the top of the list is David Steward’s successful company World Wide Technology. The company employs about 10,000 people worldwide and generated $17 billion in revenue last year, according to Forbes. The technology services provider is consistently ranked No. 1 as the largest Black-owned company in the United States and currently ranks No. 23 on Forbes magazine’s list of America’s largest private companies.
These Black-owned businesses employ the most workers
- World Wide Technology 10,000 employees
- Thompson Hospitality Corp. 6,000 employees
- Coca-Cola Beverage Florida 5,000 employees
These Black-Owned Businesses Delivers the Largest Annual Revenues
- World Wide Technology’s 2023 revenue was $17 billion
- Bridge Water Interiors generates $2 billion in annual revenue
- ActOne generated revenue of $1.1 billion in 2022
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Investing in Black-owned businesses
A Brookings Institution study found that black businesses are much more likely to hire black workers, while at the same time black adults are much more likely to be unemployed. The report says a lack of black businesses undermines job opportunities and development of black communities.
According to the report, the undervaluation of Black businesses not only negatively impacts Black communities and exacerbates racial inequality, but also costs the U.S. economy millions of jobs and billions of dollars in unrealized revenue. It is said that there is
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