Black Business Parity Could Add Jobs, Revenue, and Wages, New Dashboard Shows
Black Americans score above the US mean on entrepreneurial traits, meaning they are more likely to be associated with business ownership success, according to Brookings research.
However, entrepreneurial success remains challenging for Black business owners to achieve due to the numerous structural barriers they encounter, such as difficulties with business lending and limited economic support.
The Black Business Parity Dashboard
A new tool, the Black Business Parity Dashboard, reveals the economic benefits that could result from closing the Black business ownership gap in US cities.
Developed by the Center for Community Uplift, the dashboard uses the latest Census Bureau Annual Business Survey data to estimate how many businesses, jobs, and how much revenue would be generated if Black business ownership matched the Black population share in each metro area.
What the Data Shows
The dashboard highlights that every major city has room to grow its share of Black-owned businesses. For example, the Atlanta metro area had over 14,000 Black-owned employer firms in 2022; however, this number still fell short of achieving parity between Black business ownership and the population share.
But, if Atlanta’s employer businesses were 37% Black, like its population, it would have more than Black-owned employer firms, which is five times more than it currently hosts. This, in turn, could create more job opportunities for Black residents in the area.
Creating wealth for Black businesses
The Black Business Parity Dashboard is designed for community organizers, policymakers, and Black residents to better understand and act on local opportunities for economic equity. It provides a clear picture of what’s possible, and what’s missing, when it comes to Black business representation.
The tool will be updated annually, in partnership with the Center for Community Uplift’s ongoing business equity reports.
You can use the tool here.
Image: sabrinafvholder
