Black and African American entrepreneurs start businesses more than any other US community

Black and African American communities and entrepreneurs continue to increase in financial strength:

• At US$910 billion in 2019 to a projected US$1.7 trillion in 2030, Black and African American-buying power continues to grow in the United States as a powerful economic bloc, matching the gross domestic product of Mexico, Canada, and Italy.
• The Black and African American-buying power boost developed from a rise in cohort businesses ownership, population, and educational attainment with more college graduates, and the youth cohort yet to reach peak earning and buying-power years.
• Not a monolithic economic bloc, Black and African American consumers have shifting and diversifying preferences. The 2020 US Census reported that while the Black or African American population alone grew 5.6 percent since 2010, the multiracial Black or African American “in combination” population grew 88.7 percent.
• Black and African Americans hold more investments in cryptocurrency, real estate trusts, ETFs (exchange-traded funds), and college savings plans as compared to the US general public, according to respondents in our recent survey study.
• Entrepreneurial activity increased among Black and African Americans as the overall US rate of entrepreneurship declined over the past 30 years. Black and African American women and millennials rose as the fastest-growing groups of US business owners.