Rise up economics: Why local Black business growth is powering national trends

New Brookings research shows that in 2023, the number of Black-owned employer businesses operating in the United States surpassed 200,000 for the first time—marking at least six consecutive years of growth. Across the country, 116 metropolitan areas saw an increase in Black-owned employer businesses between 2017 and 2023, with large and diverse cities such as Houston, Miami, Atlanta, Los Angeles, and Minneapolis powering much of that growth, and smaller metro areas such as Flint, Michigan, also punching well above their weight. In 2023 alone, Black-owned employer firms generated a cumulative $249 billion in revenue, supplied more than 1.8 million jobs, and paid out $69.8 billion in salaries. Yet despite these historic gains, recent federal government actions and policies threaten to derail this progress and weaken a critical pillar of the national economy.

On Wednesday, March 18, join Brookings Metro and the Center for Community Uplift for a virtual event that will explore these findings and insights into the state of Black-owned employer businesses in the U.S. The report is the latest in a series that began in 2020 examining the growth of Black-owned employer businesses. Senior Fellow and Director of the Center for Community Uplift Andre M. Perry will present highlights from the report, followed by a panel discussion featuring practitioners, experts, and thought leaders.

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