Home

Young Black Women-Owned Businesses Are Growing Faster Than Ever Before

By Parker Diakite

Share

Black women-owned businesses are growing faster than ever before.

While the number of women-owned businesses grew by 58% from 2007 to 2018, the number of black women-owned businesses grew by 164%, according to a report by American Express.

According to the report, of the more than 2 million black women-owned businesses reported in 2018, most of them were owned by women ages 35 to 54.

Data from The Federal Reserve Kansas City revealed that growth in the number of black women who own businesses significantly outpaced all women-owned firms from 2002-12 in total firms, firms with employees, sales growth and employee growth.

Black women reportedly represent 59% of all black-owned businesses, making black women the only women business owners with a higher share of business ownership than their male counterparts.

As of 2019, women of color account for 50% of all women-owned businesses employing more than 2 million people and generating $422 billion in revenue.

Fastest Growing States  

The latest data shows that Missouri had the fastest-growing number of black-women-owned businesses at 112%, followed by Kentucky at 109 %,  Georgia at 102 %, Texas at 78%, and New York at 72 %.

Top Five States for Growth Rate of Black Women-Owned Employer Firms, 2002-12 Graph courtesy of Federal Reserve Kansas City

Challenges For Black Women-Owned Businesses

Despite the growth,  black-women-owned businesses face challenges.   According to the report from American Express, there are gaps in revenue when comparing the numbers between women of color and those owned by non-minority women.

As outlined in the report,  women of color average revenue dropped from $84,000 in 2007 to a little over $66,000 in 2018.

For non-minority businesses, however,  revenue increased from $181,000 to more than $212,000 during the same timeframe.  

Share
Travel Noire

Parker Diakite

Want more?

Get exclusive, unpublished tips from Travel Noire's CEO to help you get off the beaten path, into the hearts of locals and onto a better, more cultured life.

20 Travel-Inspired Things To Do At Home

20 Travel-Inspired Things To Do At Home

So many people have had to postpone or cancel their travel plans due to coronavirus but that doesn’t mean we have to stop dreaming or planning those vacations to places on our travel bucket list. That’s why we created this list of 20 travel-inspired things to do while your home: 1.  First things first, make […]

Parker Diakite

Black-Owned Hand Sanitizer And Household Products You Should Support Now

Black-Owned Hand Sanitizer And Household Products You Should Support Now

With all of the chaos of COVID-19, people across the country are on the hunt for household cleaning supplies and hand sanitizers in hopes of staying healthy. Sadly, there is a shortage in most major stores. We came across a few small Black-owned brands that are doing their part to help out year-round. If you […]

DeAnna Taylor

Meet The British Woman Creating Waterproof Scarves For Black Swimmers

Meet The British Woman Creating Waterproof Scarves For Black Swimmers

A Black woman from London is trying to break barriers in aquatics by solving the dilemma of swimming pools and their chemical damage to hair. Danielle Obe, from London, told Metro UK that she was inspired by her daughter to create Nemes after her daughter began to dread going to the pool. She herself gave […]

Parker Diakite