Black entrepreneurship is booming, but as more founders move from side hustles and home-based operations into larger companies, protecting that growth is becoming just as important as achieving it.
New Census Bureau data shows that Black-owned employer businesses – companies with at least one paid employee – reached about 201,000 in 2023. Those businesses generated $249 billion in receipts, employed nearly 1.9 million people, and paid $69.8 billion in annual payroll. Meanwhile, Brookings found that the number of Black-owned employer businesses increased 62% from 2017 to 2023. Business equity has also contributed significantly to gains in Black wealth, making business preservation an important part of the broader wealth-building equation.