Pew Research Center Provides Insight into Share of Black-Owned Businesses in the United States

The Pew Research Center has recently conducted research on the status of Black-owned businesses in the United States. Through analyzing results from the 2022 Annual Business Survey from the United States Census Bureau and the National Science Foundation, the Pew Research Center found that Black-owned firms make up only 3 percent of American businesses, compared to the 85 percent share of White-owned businesses. Additionally, Black-owned firms recorded just over 1 percent of the gross revenue of the surveyed businesses, compared to White-owned firms, which earned 92 percent of the survey’s gross revenue. The study found that 28 percent of Black-owned business were in the health care and social assistance sector, making Black-owned companies 7 percent of all businesses in the health care industry. Professional, scientific, and technical services had the next highest share, with 14 percent of Black-owned companies centered in this industry. Additionally, Black-owned companies across all industries tended to be small businesses, with 66 percent consisting of less than 10 employees and 16 percent reporting no employees. The states with the most numbers of Black-owned businesses were Florida, California, and Georgia. However the areas with the largest share of Black-owned businesses were the District of Columbia with 15...