January 29th 2025.
According to recent data, while Black Americans make up almost 14% of the total population in the United States, only 3.3% of businesses are Black-owned. This statistic reveals a significant disparity in representation and opportunities for Black entrepreneurs. Interestingly, the majority of these businesses are located in the Southern region of the country, as reported by Truck Info.
The report states that the South has a higher concentration of Black-owned businesses compared to the national average. For instance, a city in Georgia called Hinesville has five times more Black-owned businesses than what would be expected based on its population alone. This finding is particularly noteworthy in the midst of ongoing discussions about eliminating diversity and inclusion initiatives, as many companies are cutting back on these efforts under the current administration.
The top 10 metro areas in the South with the highest percentage of Black-owned businesses, according to Truck Info's data, are Hinesville, Atlanta-Sandy Springs-Roswell, Fayetteville, Virginia Beach-Chesapeake-Norfolk, Memphis, Washington-Arlington-Alexandria, Jackson, Sumter, Richmond, and Augusta-Richmond County. These cities demonstrate a significant concentration of Black-owned businesses, with Hinesville having the highest percentage at 18.2%.
Upon analyzing the data, it becomes apparent that certain regions and industries have a higher number of Black-owned businesses. The District of Columbia, Maryland, and Georgia have approximately 50% more Black-owned businesses than other states. Additionally, the transportation industry is the most popular among Black entrepreneurs, with nearly 8% of businesses in this sector being Black-owned. This is more than double the national average, highlighting the significance of Black entrepreneurs in the transportation and warehousing industries.
Other industries that are popular among Black business owners include healthcare, social services, administrative support, and entertainment. This diverse range of industries reflects the determination and resilience of Black entrepreneurs in pursuing their passions and creating successful businesses.
As we continue to strive for diversity, equity, and inclusion in the business world, it is important to recognize and support the contributions of Black entrepreneurs. Despite the challenges and lack of representation, Black-owned businesses continue to thrive and make a significant impact on the economy. This is evident in the recent webinar held by the Black Franchise Leadership Council, which focused on helping Black entrepreneurs achieve generational wealth through franchising. Let us continue to uplift and empower Black-owned businesses and work towards a more inclusive and equal business landscape.
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