Nationally, less than 3% of businesses are Black-owned. However, over the past two years, the number of Black-owned businesses has grown by 8.52%, according to Census Bureau data. This exceeds the rate at which all businesses are growing (0.46%). Some parts of the country provide a more favorable environment for Black entrepreneurs to set up shop.
In this study, SmartAsset crunched the numbers to find the best places for Black entrepreneurs. We compared 57 of the largest metro areas across three categories and a total of nine metrics. They include Black-owned business success (number of Black-owned businesses, two-year change in number of Black-owned businesses and percentage of Black-owned businesses), new business environment (percentage of new businesses, start-up survival rate and percentage of businesses with sales exceeding $250,000) and economic situation (median Black household income, 2019 Black unemployment rate and December 2021 unemployment rate).
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