The State Of Black-Owned Businesses In The US

As of 2024, the number of Black-owned businesses in the United States is estimated to be around 2.6 million, according to the most recent data from the National Bureau of Economic Research (NBER). 

This represents a significant increase from 2019, when the number was approximately 2.1 million.

Industry Breakdown:

Black-owned businesses can be found across various industries, including:

Healthcare and social assistance (25.6%)

Retail trade (14.1%)

Professional, scientific, and technical services (11.4%)

Accommodation and food services (9.4%)

Arts, entertainment, and recreation (8.2%)

Employment And Revenue:

While the number of Black-owned businesses is substantial, they tend to be smaller in scale, with:

88.4% having no employees

10.4% having 1-4 employees

1.2% having 5-9 employees

0.1% having 10 or more employees

In terms of revenue, Black-owned businesses generate an estimated $150 billion in annual sales, which is a significant contribution to the US economy.

Challenges And Opportunities:

Despite the growth in the number of Black-owned businesses, they still face significant challenges, including:

Limited access to capital and funding.

Disparities in government contracts and procurement.

Limited representation in high growth industries.

However, there are also opportunities for growth and development, including:

Increased support from government agencies and organizations.

Growing demand for diverse and inclusive supply chains.

Access to technology and digital platforms.

Black-owned businesses play a vital role in the US economy, and their growth and success are essential for promoting economic equity and inclusion.

While there are still challenges to be addressed, the increasing number of Black-owned businesses is a positive trend that deserves recognition and support.