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Deep Dive: Taking a look at the growth of Black-owned businesses

News 12 is focusing on Black-owned businesses, as Black History Month wrapped up this week. News 12's Kristie Reeter takes a look at the growth of the businesses.

News 12 Staff

Mar 4, 2022, 10:57 AM

Updated 838 days ago

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News 12 is focusing on Black-owned businesses, as Black History Month wrapped up this week. News 12's Kristie Reeter takes a look at the growth of the businesses.
In a News 12 poll, New Jersey residents were asked: how do you support Black-owned businesses? A majority of the voters said they find online retailers.
During the Census, new data is received on small businesses overall, and Caleb Silver, with Investopedia, is breaking down the latest data. What have we seen in growth when it comes to Black owned businesses?
"Well nationwide about 2.33% of small businesses are Black-owned, according to the most recent census,” says Silver. “In New Jersey, it is just under that at 2.19% and those businesses are concentrated in the $25,000 to $249,000 a year range. We have seen some growth and the trends are improving, Kristie."
What are the future trends that we are expecting?
"We did see in 2020 to 2021 33% growth in male owned Black-businesses and 22% growth in female owned Black businesses,” says Silver. “Hopefully those trends will continue into 2022."


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