In recent years, supporting Black-owned businesses has emerged as a crucial strategy for advancing equality in the United States. With about six-in-ten Black adults viewing this support as an effective means for progress, the spotlight on Black entrepreneurship has never been stronger.
While the number of Black-owned businesses in the U.S. has grown, they still represent a disproportionately small fraction of all employer-firm owners. This disparity underscores the importance of recognizing and amplifying the contributions of Black entrepreneurs to the economy.
In 2022, an estimated 161,031 Black-owned businesses were in operation, generating $183.3 billion in annual receipts. Despite the challenges faced by many small businesses, several Black-owned firms have achieved remarkable success, boasting billion-dollar revenues and employing thousands of workers.
Here are some of the largest Black-owned businesses in America:
- World Wide Technology: Founded by David L. Steward, this technology service provider tops the list with $17 billion in revenue and 10,000 employees worldwide.
- ActOne Group: Founded by Janice Bryant Howroyd, ActOne Group generates $1.1 billion in revenue annually and employs 2,600 people globally.
- Bridge Water Interiors LLC: With an annual revenue of $2 billion, this company founded by Ron Hall Sr. employs 2,400 people nationally.
- Coca-Cola Beverages Florida L.L.C.: Founded by Troy Taylor, this beverage company boasts over $250 million in annual revenue and employs around 5,000 people nationally.
- Modular Assembly Innovations L.L.C.: Founded by Billy Vickers, this company rakes in $1 billion annually and employs 281 people nationally.
- Thompson Hospitality Corp.: Founded by Warren Thompson, this corporation has 6,000 employees globally and generates $600 million in annual revenue.
- Urban One Inc.: Founded by Cathy Hughes, Urban One Inc. rakes in $484 million annually and employs around 1,000 people nationally.
- Hightowers Petroleum Co.: Founded by Stephen Hightower, this company has 45 employees in North America and generates $450 million in annual revenue. – USBC President’s Circle Member
Investing in Black-owned businesses is not only a matter of economic empowerment but also a strategy for addressing racial inequality. Research shows that Black businesses are more likely to hire Black workers, providing vital employment opportunities in Black communities. By supporting these businesses, we can foster economic growth, create jobs, and build more inclusive communities for all.
Let’s continue to champion and uplift Black entrepreneurship, recognizing its vital role in driving progress and prosperity for all.