Celebrating National Black Business Month
Black-Owned Business Month by the numbers
Adjusting for inflation in 2023, Black-owned businesses in the United States generated more than $206 billion in revenue.
9 in 10 Black business owners say they opened their business for the opportunity to earn more income or be their own boss.
29% of Black-owned businesses are in the healthcare industry.
14% of Black-owned businesses provide professional, scientific, and technical services.
Businesses primarily owned by Black entrepreneurs provide annual income for more than 1.4 million workers in the U.S. each year.
Of Black-owned businesses in the U.S.:
- 53% are male-owned
- 8% have equal ownership
- 39% are women-owned
87% of Black-owned businesses are in urban areas.
Businesses with primary ownership by Black entrepreneurs make up for 8% of all firms in our home state of Georgia.
7 in 10 Black business owners report their business is their primary source of income.
Sources
- https://nationaltoday.com/black-business-month/
- https://www.lendio.com/blog/Black-owned-business-statistics/
- https://thirdway.imgix.net/pdfs/override/The-State-of-Black-Business-2024_2024-05-06-154548_xvnw.pdf
- https://www.brookings.edu/articles/who-is-driving-black-business-growth-insights-from-the-latest-data-on-black-owned-businesses/
- https://www.pewresearch.org/short-reads/2024/02/16/a-look-at-Black-owned-businesses-in-the-us/
- https://www.thirdway.org/report/the-state-of-black-business
- https://venturebeat.com/enterprise/report-a-majority-of-consumers-want-to-prioritize-buying-from-Black-owned-businesses/
- US Census
- SBA.gov