Black Entrepreneurship Booms

In 2020, Black-owned small businesses were closing twice as fast as other businesses. But now they’ve bounced back harder.

The big picture: The last couple of years have ushered in a Black entrepreneurship boom.

In 2021, Black-owned businesses were started at the fastest clip in 26 years, The Washington Post reports.
The number of Black business owners was 28% higher in the third quarter of 2021 than it was pre-pandemic, U.S. News and World Report notes, citing a University of California, Santa Cruz analysis.
Other groups are starting more businesses, too. The number of white business owners was 5% higher in 2021’s third quarter than pre-pandemic, and the number of Latino entrepreneurs was 19% higher. But the biggest change is in Black communities.