About six-in-10 Black adults say supporting Black companies is an extremely or very effective strategy for gaining motion in the direction of equality within the U.S., according to a survey from the Pew Research Center.
Whereas the variety of Black-owned companies within the U.S. has grown prior to now few years, Black enterprise homeowners represented solely 2.4% of all employer-firm homeowners, whereas Black Individuals make up about 12.4% of the nation’s inhabitants. This disproportionate illustration of enterprise homeowners goes the alternative manner for white Individuals, who made up a majority (86%) of employee-firm homeowners, whereas representing about 59% of all folks dwelling within the U.S.
An estimated 161,031 Black or African American-owned companies had been in operation in 2022, with $183.3 billion in annual receipts. The variety of Black-owned companies is up from 2020, when an estimated 140,918 had been in operation.
Black-owned companies employed 1.4 million folks, paying about $53.6 billion in annual payroll, in response to information from Census Bureau’s 2022 Annual Business Survey.
Though a majority of Black-owned companies have small payrolls (about 66% of companies had fewer than 10 workers in 2020, says Pew Analysis Heart), a number of Black-owned corporations generate billion-dollar revenues annually and make use of hundreds of staff.
The next corporations are among the largest Black-owned companies within the U.S.:
At the top of the list is David Steward’s successful company, World Wide Technology. The corporation employs about 10,000 people across the globe and brought in $17 billion in revenue last year, according to Forbes. The know-how service supplier has repeatedly ranked No. 1 for largest Black-owned enterprise within the U.S. and is at the moment ranked 23 on Forbes’ largest personal American corporations checklist.
These Black-owned companies worker the most individuals
- World Huge Expertise workers 10,000 folks
- Thompson Hospitality Corp. workers 6,000 folks
- Coca-Cola Drinks Florida workers 5,000 folks
These Black-owned companies deliver within the largest yearly revenues
- World Huge Expertise had a income of $17 billion in 2023
- Bridge Water Interiors generates an annual income of $2 billion
- ActOne generated a income of $1.1 billion in 2022
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Investing in Black-owned companies
Research from the Brookings Institution discovered that Black businesses are much more likely to hire Black workers and on the identical time Black adults are a lot more likely to be unemployed. The report says {that a} scarcity of Black companies weakens employment alternatives and the event of Black communities.
Not solely does the underrepresentation of Black companies harm Black communities and additional racial inequality, it is usually costing the U.S. financial system tens of millions of jobs and billions of {dollars} in unrealized revenues, according to the report.
