The Biggest Black-Owned Businesses in the United States

Biggest Black owned businesses in US

About 60% of Black adults believe that supporting Black-owned businesses is an extremely or very effective strategy for advancing equality in the United States, according to a survey conducted by the Pew Research Center.

While the number of Black-owned businesses in the U.S. has increased in recent years, Black business owners only constitute 2.4% of all employer-firm owners. In contrast, Black Americans account for approximately 12.4% of the country’s population. On the other hand, white Americans, constituting 59% of the U.S. population, represent a majority (86%) of employee-firm owners.

In 2022, there were an estimated 161,031 Black or African American-owned businesses in operation, generating $183.3 billion in annual receipts. This reflects growth from 2020, when approximately 140,918 such businesses were operational.

These Black-owned businesses employed 1.4 million people, with an annual payroll of about $53.6 billion, according to the Census Bureau’s 2022 Annual Business Survey. While a majority of Black-owned businesses have small payrolls, with about 66% having fewer than 10 employees in 2020, several firms generate billion-dollar revenues annually and employ thousands.

Among the largest Black-owned businesses is World Wide Technology, led by David Steward. The company, a technology service provider, employs around 10,000 people globally and generated $17 billion in revenue in the previous year. It consistently holds the top spot for the largest Black-owned business in the U.S. and is ranked 23 on Forbes’ list of the largest private American companies.

Some of the Black-owned businesses employing the most people include World Wide Technology (10,000 employees), Thompson Hospitality Corp. (6,000 employees), and Coca-Cola Beverages Florida (5,000 employees). In terms of annual revenues, World Wide Technology leads with $17 billion in 2023, followed by Bridge Water Interiors with an annual revenue of $2 billion, and ActOne with a revenue of $1.1 billion in 2022.

Research from the Brookings Institution highlights the importance of supporting Black businesses, emphasizing that they are more likely to hire Black workers. Simultaneously, Black adults face higher unemployment rates. The report underscores that a shortage of Black businesses negatively impacts employment opportunities and community development, contributing to racial inequality.

The underrepresentation of Black businesses not only harms Black communities but also results in significant economic losses for the U.S., including millions of jobs and billions of dollars in unrealized revenues, as outlined in the Brookings Institution’s findings. Therefore, investing in and supporting Black-owned businesses is seen as a crucial step toward addressing racial disparities and fostering economic growth and equality.

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