As the number of Black-owned businesses in the U.S. surges, we take a look at some of the most prominent companies in the U.S.
Black-Owned Business is Booming
The number of Black-owned businesses in America has increased since the COVID-19 pandemic, according to the U.S. Census Bureau Annual Business Survey.
Representation is Growing
Black-owned businesses are up by 14% from 2020, with 161,031 recorded in 2021. In particular, business ownership by Black women grew by 42% in the same year.
Underrepresented in Business Statistics
This is important progress for Black Americans, who have been broadly underrepresented in business statistics. Despite making up 12.4% of the U.S. population, they represent only 2.4% of business owners.
Support Black-Owned Businesses
According to a survey by the Pew Research Center, approximately 60% of Black adults surveyed believe that bolstering and patronizing Black-owned businesses is one of the most important strategies for fighting racial inequality in the U.S.
Healthcare, Science, Tech
Of the businesses surveyed by the Pew Research Center, most tend to be concentrated in a few specific sectors, with 45% of Black-owned Businesses operating in the Healthcare and Social Services sector and 22% in the Professional, Scientific, and Technical Services sector.
Small Hiring Pool With Big Earnings
While most of these businesses tend to have a smaller employee pool, with 66% of businesses paying less than 10 employees, some employ thousands and generate billions in revenue.
Bigger and Better
These companies are the biggest and most productive Black-owned businesses in the U.S., including the consistently successful technical services provider World Wide Technology.
Six Companies
Here are the six Black-owned U.S. companies hiring the most people and bringing in the largest revenue each year.
1. World Wide Technology
World Wide Technology is a Missouri-based technology services provider founded by David L Steward, that provides services in cloud computing, data analytics, computer security, and more.
U.S. Tech Services
WWT is the most profitable Black-owned business in the U.S., hiring over 9,000 people across the country and generating $17 billion per year in revenue. It is currently the 27th largest private company in the U.S.
2. Bridge Water Interiors
Bridgewater Interiors is an automotive company that specializes in the manufacture of automotive interiors and has been operating out of Michigan since 1988.
Automotive Interiors
The company is overseen by President and CEO Ronald E. Hall, Sr, and is Black-owned and majority Black-employed. It has four facilities, 2,400 employees, and generates $2b in annual revenue.
3. ActOne Group
ActOne Group is a workforce solutions provider that specializes in “employment, workforce management, and procurement solutions to a wide range of industries, Fortune 500 organizations, local and mid-market companies, and government agencies,” according to their official website.
Workplace Solutions
The company is active in 33 countries and employs 2,600 employees globally, and generates $1.1b in revenue. It was founded by CEO Janice Bryant Howroyd, a Black entrepreneur and former White House appointee.
4. Coca-Cola Beverages Florida
Based in Tampa, Florida, Coca-Cola Beverages Florida LLC is a Coca-Cola bottler that distributes 600 products over 47 counties. It was founded in 2015.
Florida Coca-Cola
The distributor is the sixth-largest privately owned Coca-Cola bottler in the U.S., with over 5,000 employees on their payroll and a recorded annual revenue of $1.3b.
5. Modular Assembly Innovations
Established by the current president and CEO, Billy Vickers, in 2011, Modular Assembly Innovations is an automotive manufacturing solutions provider. They supply auto parts to companies around the country.
Auto Parts and Services
The MAI headquarters is based in Dublin, Ohio, and despite having just 350 employees, it generates $1.04b in annual revenue.
6. Thompson Hospitality Corp.
Thompson Hospitality Corp is “the largest minority-owned food service” in the U.S., according to its official website, and it is one of the largest black-owned businesses. It is a retail food and facilities company based out of Reston, Virginia.
Family and Food Legacy
The company is family-owned and was started over 30 years ago. It employs over 6,000 people and generates $760 million in revenue annually.
23 Steep Taxes Adding to California Residents’ Burden
California: a place of sunshine, innovation, and, unfortunately, some of the nation’s highest taxes. From LA’s beaches to Silicon Valley’s tech hubs, residents grapple with a maze of state taxes. Here’s a glance at 23 taxes that might surprise both Californians and outsiders. 23 Steep Taxes Adding to California Residents’ Burden
Cash in on Nostalgia: 21 Toys Now Worth a Fortune
Time to dust off the boxes and find that once-cherished toy from your childhood. For collectors and enthusiasts, they items have become valued objects and they can be worth big bucks – are there any of these in your attic? Cash in on Nostalgia: 21 Toys Now Worth a Fortune
Millennials Don’t Buy These 19 Products Anymore
Millennials are changing consumer habits, quietly replacing once-staple products and traditions. Often criticized for their disruptive preferences, this generation is reshaping the marketplace with digital expertise, ethical buying, and a taste for the unconventional. Millennials Don’t Buy These 19 Products Anymore
10 Reasons Firearms Are Essential to America’s Fabric
Americans’ strong attachment to guns is influenced by constitutional rights, historical context, and cultural traditions. This article explores the cultural perspective driving their unwavering support for gun ownership, revealing the key factors shaping this enduring aspect of American life. 10 Reasons Firearms Are Essential to America’s Fabric
California’s 16 New Laws Raise Red Flags for Prospective Residents
California, celebrated for its beaches, tech prowess, and diversity, is now gaining attention for its recent legislation, prompting some residents to reconsider their residency. Explore the new laws of 2024 and the controversies and migration they’re stirring. California’s 16 New Laws Raise Red Flags for Prospective Residents
The post 6 Uplifting Stories of Black-Owned Business Success first appeared on Thrift My Life.
Featured Image Credit: Shutterstock / RDNE Stock project.
The content of this article is for informational purposes only and does not constitute or replace professional financial advice.