About six in 10 Black adults say supporting Black businesses is essential A very or extremely effective strategy In order to achieve movement toward equality in the United States, According to a survey conducted by the Pew Research Center.
While the number of Black-owned businesses in the United States has increased in the past few years, Black business owners represent only 2.4% of all business owners, while Black Americans make up about 12.4% of the country's population. This disproportionate representation of business owners goes in the opposite direction for white Americans, who make up a majority (86%) of employed business owners, while representing about 59% of all people living in the United States.
There were an estimated 161,031 Black- or African-American-owned businesses operating in 2022, with annual revenues of $183.3 billion. The number of Black-owned businesses has risen since 2020, when there were an estimated 140,918 businesses in operation.
Black-owned businesses employ 1.4 million people and pay about $53.6 billion in annual salaries, according to data from The Census Bureau's 2022 Annual Business Survey.
Although the majority of Black-owned businesses have small payrolls (about 66% of businesses had fewer than 10 employees in 2020, according to the Pew Research Center), many Black-owned businesses generate $1 billion in revenue each year and employ thousands of workers.
The following companies are among the largest black-owned companies 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 consistently ranks as the No. 1 largest black-owned company in the United States and is currently ranked 23rd on Forbes' list of largest American private companies.
These black-owned businesses employ the largest number of people
- World Wide Technology employs 10,000 people
- Thompson Hospitality employs 6,000 people
- The Coca-Cola Beverage Company in Florida employs 5,000 people
These black-owned businesses generate the largest annual revenues
- World Wide Technology generated revenue of $17 billion in 2023
- Bridge Water Interiors generates annual revenue of $2 billion
- ActOne had revenue of $1.1 billion in 2022
Bakers Height:A growing number of Black-owned bakeries are offering recipes with deep roots
Gift ideas:40 amazing gifts you can get from black-owned businesses
Investing in black-owned businesses
Research from the Brookings Institution Found it Black businesses are more likely to hire Black workers At the same time there are a lot of black adults More likely to be unemployed. The report says the shortage of Black businesses impairs job opportunities and the development of Black communities.
Not only does the underrepresentation of Black businesses harm Black communities and increase racial inequality, it also costs the American economy millions of jobs and billions of dollars in unrealized revenue. According to the report.
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