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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.
As USA TODAY previously reported, the number of Black-owned businesses compared to the number of Black Americans in the United States is disproportionate. Black Americans make up about 12.4% of the U.S. population, but Black business owners only make up 2.4% of all employers. 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. .
The number of Black-owned businesses has increased 14% since 2020, according to the Census Bureau. According to the most recent data available, there were 161,031 Black or African American-owned businesses operating in 2021, with annual revenue of $183.3 billion.
These sectors have the highest number of black-owned businesses.
Black-owned businesses employ approximately 1.4 million people, according to the 2022 Annual Business Survey. Together, these companies paid $53.6 billion in annual payroll. More than a quarter (45,015) of these companies were in the health and social assistance sector.
The second largest sector for black-owned businesses was the professional, scientific, and technical services sector. The Census Bureau tracks businesses in 20 categories, including “other services.” The smallest sectors of black-owned enterprises were mining, quarrying, and oil and gas extraction, with a total of 31 operations.
See table:These are the largest black-owned businesses in America.
Rise of the bakery:More Black-owned bakeries offering recipes with deep roots
Black women-owned businesses continue to grow
In 2020, 55% of majority Black-owned businesses were male-owned, while 37% were female-owned and 8% had gender-equal ownership. The number of businesses owned by Black women increased by 42% in 2021, to a total of 62,953 businesses, according to the latest data available from the Census Bureau.
Investing in Black-owned businesses
A Brookings Institution study found that black-owned 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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