Charlotte Growing As One of the Top Cities For Black Owned Businesses in the U.S.

Atlanta keeps its position as the top U.S. city for Black-owned businesses, reaching 11.3% in 2022. Charlotte jumped to 7.1%, showing a big increase from 5.3% the year before.

Charlotte's growth landed it at number 12 among the country's 50 biggest metro areas. Right after Atlanta comes Fayetteville, taking second place with 10.1% of businesses owned by Black entrepreneurs.

Across the country, Black-owned businesses grew to 3.3% in 2022, up from 2.7%. This growth happened even though Black Americans, making up 13.7% of the population, still own just a small portion of U.S. businesses with employees.

"There's no question that stubborn inflation and today's high prices are spurring more people to seek new ways to supplement their income," said Matt Schultz to Afrotech.

While white Americans make up 75.3% of the population, they own 82% of businesses with employees. These numbers show ongoing disparities in business ownership between races.

Black women are leading this wave of growth. They own 39.1% of Black-owned businesses. Healthcare and social support are the most popular sectors, making up a quarter of these businesses.

"It's always been the Black mecca for excellence and resilience and entrepreneurship," said Windsor Jones to Afrotech.

Nationwide, Black-owned businesses increased by 22.2% in one year. Young Black women, especially those who started businesses in 2021, are driving much of this growth.

LendingTree's study shows side businesses are behind this trend. Many business owners start small while helping others get their own businesses going.

But money problems still get in the way. Getting loans and business resources is still tough, and some organizations are cutting back their support programs.