National Black Business Month: Celebrating the Impact of Black-Owned Businesses

Since 2004, August has been known as National Black Business Month, highlighting the distinct needs and impact of Black-owned businesses in America. Like much of Black history, the history of Black-owned business in this country is a study in dogged determination. Amidst our celebration of Black businesses, we find a rapidly expanding segment of the small business community that still has more room to grow.

New data from a 2023 survey highlights continued growth among Black-owned businesses in the United States. According to the latest U.S. Census Bureau’s Annual Business Survey, there were an estimated 194,585 majority Black-owned companies, marking a significant increase from the 2017 figures. The survey also revealed strong gains across several key metrics: annual receipts rose from $183 billion to $211 billion, employment grew from 1.4 million to 1.6 million workers, and annual payroll increased from $53 billion to $61 billion. These trends reflect not only expanding business activity but also a growing economic impact within the Black business community.

In 2020, the healthcare and social assistance sector—which includes fields such as psychology, rehabilitation, and social work—had the highest number and share of Black-owned businesses. That trend continued with the most recent data showing nearly 50,000 majority Black-owned companies, representing 26% of the total, operating in this sector. Other prominent industries include professional, scientific, and technical services (14%); transportation and warehousing (9%); and administrative, support, and waste management services (8%). Additionally, retail trade and accommodation and food services each account for 7%, with examples ranging from beauty supply stores and clothing boutiques to restaurants and catering businesses.

The vast majority of Black or African American majority-owned businesses—about 90%—were located in urban areas, according to Pew Research Center. Some of the most populous states also had the highest numbers of Black-owned businesses, with Florida leading at 21,064, followed by Georgia (16,973), Texas (16,849), and California (16,826).

Despite the continued growth and upbeat news, the number of Black-owned businesses continues to lag behind those of other groups. The share of Black-owned employer businesses (those with at least one employee) is disproportionately low (3%) as compared to the Black portion of the U.S. population (approximately 14%).

For its part, TriNet is helping businesses—Black-owned and others—by increasing access to and awareness of grants, programs, and other resources available to Historically Underutilized Businesses through its website. We encourage entrepreneurs and SMB leaders to explore these resources TriNet has pulled together, connect with relevant programs, and take advantage of the support available to prepare for potential impacts ahead. Together, we can create a more inclusive and thriving entrepreneurial landscape.

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