Home / Business and Economy / Black Business Boom: Ownership Soars, Gaps Remain
Black Business Boom: Ownership Soars, Gaps Remain
18 Aug
Summary
- Black-owned employer businesses grew 62% from 2017-2023.
- Black ownership still lags population share (3.4% vs 14.4%).
- Flavor Hills, a Black-owned restaurant chain, closed its locations.
The United States has experienced historic growth in Black-owned businesses, with employer firms increasing by 62% from 2017 to 2023. This substantial growth rate outpaced the overall U.S. employer business increase of 3.3% during the same period. However, Black individuals still represent a disproportionately small percentage of business owners.
As of 2023, Black Americans constituted 3.4% of employer business owners, while making up 14.4% of the U.S. population. The significance of these businesses extends beyond financial gain, serving as community anchors and providers that invest locally. Research indicates a correlation between higher rates of Black business ownership and improved well-being and life expectancy for Black residents.
This makes the recent closure of Flavor Hills, a Black-owned restaurant chain, particularly impactful. The chain, which had expanded from Jacksonville to multiple locations in North Carolina, has ceased all operations, though it will continue private catering. The owner expressed that Flavor Hills aimed to "showcase Black excellence" and mentor individuals.
