The Number Of Black-Owned Businesses Is Growing, Especially In These Top Sectors

young african woman looking at sleeveless shirt
Alyssa Guzik
February 21, 2024

Black people make up roughly 12% of the United States population. Yet, Black-owned businesses account for only 3% of all companies in the country. This trend, however, is beginning to shift.

The U.S. Census Bureau, which tracks data and analytics about the U. S., its people, and its economy, has found that the number of  Black-owned businesses has risen 14% since 2020. From February 2020 through August 2021 alone, the bureau saw a 38% percent increase in Black-owned businesses.

A critical factor in these business gains comes from movements like the Buy Black hashtag that has circulated on social media. Most Black adults say supporting Black businesses effectively builds financial equality in the United States.

In 2021, Black businesses generated over $183 billion in revenue. Black women are leading the entrepreneurial charge with business ownership. Health care, tech, waste management, and retail are the most significant sectors for these new Black-owned businesses.

The Black population contributes billions each year to the United States economy. With marketing like "Buy Black" and corporate burnout a real thing, creating and owning businesses has given the Black community a sense of growth and hope. It's also prompting intentional financial support within the Black community.