Black-owned employer firms in the U.S. surpass 200,000

Black-owned employer firms in the United States have surpassed 200,000 for the first time, marking approximately six consecutive years of growth. Between 2017 and 2023, the number of these businesses grew by 62%, adding nearly 77,000 firms, a rate nearly twenty times faster than the 3.3% growth seen in all U.S. employer firms during the same period.

These businesses generated $249 billion in annual revenue, supported more than 1.8 million jobs, and paid out $69.8 billion in salaries. Beyond financial metrics, data from the Intuit QuickBooks 2026 Business Owner Report indicates that Black entrepreneurs often define success through community impact and legacy.

Approximately 74% of Black business owners stated it is very important that their business creates career paths for individuals from similar backgrounds, the highest percentage among all racial or ethnic groups surveyed. Additionally, 54% of Black owners intend to impact their local communities by creating jobs for local residents over the next five years.