Black-Owned Businesses Are Growing in the US – Here Are 6 of the Largest and Most Successful

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

Image Credit: Shutterstock / Monkey Business Images

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

Image Credit: Shutterstock / Jirapong Manustrong

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

Image Credit: Shutterstock / wutzkohphoto

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

Image Credit: Shutterstock / shutter_o

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

Image Credit: Shutterstock / – Yuri A

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

Image Credit: Shutterstock / smolaw

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

Image Credit: Shutterstock / Gorodenkoff

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

Image Credit: Shutterstock / fizkes

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

Image Credit: Shutterstock / fizkes

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 

Image Credit: Shutterstock / Roman Samborskyi

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

Image Credit: Shutterstock / Studio Romantic

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 

Image Credit: Shutterstock / fizkes

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

Image Credit: Shutterstock / Summit Art Creations

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

Image Credit: Shutterstock / Ground Picture

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

Image Credit: Shutterstock / VIAVAL TOURS

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 

Image Credit: Shutterstock / Tetiana Shumbasova

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 

Image Credit: Shutterstock / SS 360

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

Image Credit: Shutterstock / Summit Art Creations

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.

Image Credit: Shutterstock / LElik83

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

Image Credit: Shutterstock / stockyimages

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.

Biden’s New 401(k) Rule: Employers Frustrated as Retirement Planning Responsibilities Shift

Image Credit: Shutterstock / lev radin

The latest Biden administration rule on 401(k) plans is reshaping how employers manage retirement plans. It’s a complex scenario requiring a fresh understanding of fiduciary duties and provider relationships. This rule aims to protect employees but also imposes new responsibilities on employers. Biden’s New 401(k) Rule: Employers Frustrated as Retirement Planning Responsibilities Shift

Elon Musk: New Immigration Bill ‘Enables Illegals to Vote’

Image Credit: Shutterstock / photosince

Elon Musk is calling for prosecutions after the text for a new senate bill on immigration was released. Musk accused the new bill of “enabling illegals to vote.” Elon Musk: New Immigration Bill ‘Enables Illegals to Vote’

Colorado Officials Reject Sanctuary City Status, Warn Against ‘Dangerous Game’

Image Credit: Shutterstock / Ruben2533

With increasing numbers of migrants arriving in Colorado, public officials have rejected any notion of the state becoming a sanctuary for migrants and asylum seekers. Colorado Officials Reject Sanctuary City Status, Warn Against ‘Dangerous Game’

Disney Challenges DeSantis’ “Don’t Say Gay” Rule With a Hefty Lawsuit

Image Credit: Shutterstock / Andrew Cline

Disney is set to appeal its refusal for a lawsuit against Ron DeSantis, who stripped the company of its rights for disagreeing with the Governor’s views on the teaching of sexual orientation in classrooms. Disney Challenges DeSantis’ “Don’t Say Gay” Rule With a Hefty Lawsuit

Trump on the Attack as 21 Million Americans Flock to Obamacare, Biden Pushes Forward

Image Credit: Shutterstock / Nicole Glass Photography

An unprecedented surge in health plan enrollments has reignited former President Donald Trump’s commitment to dismantling the program should he secure the GOP nomination once again. Trump on the Attack as 21 Million Americans Flock to Obamacare, Biden Pushes Forward

The post Black-Owned Business Sector Surges Across America: 6 Leading Success Stories first appeared on From Frugal to Free.

Featured Image Credit: Shutterstock / Ground Picture.

The content of this article is for informational purposes only and does not constitute or replace professional financial advice.

(Visited 1 times, 1 visits today)