Business ownership and entrepreneurship are key ways to grow a community, providing both business owners and workers a source of income to help them improve their lives as well as the areas they live.
For Black Americans, this is just as true as the rest of the country. According to the Census, there are over 2.5 million Black business owners, a number that’s been increasing in recent years. No matter what these businesses are, they play important roles in their communities, neighborhoods, and cities where they’re located.
With that in mind, we conducted a study to find the cities where Black-owned businesses are thriving. We analyzed 124 cities across the U.S. on 7 different factors and compiled the results into the findings below. Keep reading to see all the details!
Main Findings
Below are our rankings for the best cities for Black-owned businesses. We scored each city based on the area’s:
- Percentage of Black-owned businesses
- Average number of employees in Black-owned businesses
- Average pay in those companies
- Average annual revenue of Black-owned businesses
- Number of businesses per capita
- Unemployment rate in the area
- Monthly homeowner costs as a percentage of household income (as a proxy for cost of living).
Our full methodology is at the bottom of the page. Below are the on the top 20 cities from our findings (with the full list and details on all cities below):
- Memphis, TN Metro Area
This article was originally published at “overheardconferencecalls. com“
