Black-owned businesses still comprise small share in U.S. despite growth: study

NEW YORK, Feb. 23 (Xinhua) -- While Black-owned businesses in the United States have grown significantly in recent years, they still make up a small share of firms and revenue in the country, a Pew Research Center analysis has indicated.

In 2020, there were an estimated 140,918 U.S. firms with majority Black or African American ownership, up 14 percent from 124,004 in 2017, according to the latest available data from the Census Bureau's Annual Business Survey.

Despite this growth, businesses majority-owned by Black or African American people accounted for only 3 percent of all U.S. firms that were classifiable by the race and ethnicity of their owners in 2020. By comparison, Black adults comprised 12.4 percent of the overall U.S. population in 2020, according to the Census Bureau.