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.
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Mar 4, 2022, 10:57 AM
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Updated 1,149 days ago
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688ds agoNews 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?
MORE: Want to support a Black-owned business? 7 ways to help you find shops during Black History Month
"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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