Fayetteville, NC ranked #1 for Highest Percentage of Black Owned Businesses!

Waking up to a LinkedIn post shared by Mayor Mitch Colvin was a true delight. Even though I know the numbers are off due to prior knowledge of the population ratio, Fayetteville, NC and black owned businesses have been getting a lot of good shine! Here is a snippet of the article by Lending Tree....

Fayetteville, N.C., has the highest percentage of Black-owned businesses in the U.S., according to a new LendingTree study for Black History Month. Other metros in the South — including Washington, D.C. — join Fayetteville at the top of the list.

To reach this conclusion, analysts first found the 50 U.S. metros with the most Black-owned businesses. Then, they compared those figures to the total number of businesses within each metro to get the percentage of Black-owned businesses.

Researchers also looked at industries to see where Black-owned small businesses are most prominent. Here’s what we learned.

Key findings

Just 2.4% of U.S. businesses have Black owners, even though Black people represent 12.8% of the U.S. population. Meanwhile, 86.5% of U.S. businesses have white owners, despite white people accounting for a lower percentage — 72.0% — of the U.S. population.

Fayetteville, N.C., has the highest percentage of Black-owned businesses. 11.2% of businesses in Fayetteville — which has the seventh-highest Black population among the 50 metros examined — are Black-owned. Washington, D.C. (7.7%), Richmond, Va., and Atlanta (both 6.7%) follow.

Pittsburgh has the lowest percentage of Black-owned businesses. Just 1.0% of businesses in Pittsburgh — which has a bottom-10 Black population — are Black-owned. San Diego (1.1%) and Providence, R.I., and Seattle (both 1.2%) follow.

Black-owned businesses are more heavily concentrated in the health care and social assistance and transportation and warehousing industries. 36% of Black-owned businesses are in one of these two industries, with health care and social assistance making up the vast majority at 29.5%. Overall, 14.7% of businesses — regardless of race — are in one of those two industries.

Black-owned businesses are significantly more likely to be woman-owned than the national average. 35.4% of Black-owned businesses are woman-owned, compared with 20.9% overall woman-owned businesses.

Kurt Adams "Places With the Most Black-Owned Businesses" February 7th 2022 https://www.lendingtree.com/business/small/black-owned-businesses-study/

It's really a good article, if you have time give it a read! As business owners, entrepreneurs, or aspiring, what should we do with this information? When big cooperations see this type of information they find ways to capitalize off of it! Its our time to do the same! Please leave any comments or thoughts below! Happy Hump day!