The U.S. Census Bureau today released new estimates on the characteristics of employer businesses that recorded 194,585 Black or African American-owned businesses with $211.8 billion in annual receipts, 1.6 million employees, and about $61.2 billion in annual payroll.
According to the 2023 Annual Business Survey (ABS), which covers reference year 2022, there were approximately 5.9 million U.S. employer firms, of which 1.3 million (22.6%) were minority-owned; 273,542 (4.7%) were veteran-owned; and around 1.3 million (22.3%) were owned by women. This release also includes demographic data by urban and rural classification, employment size, receipt size, and the years in business of each firm.
Other highlights:
– Veteran-owned businesses had an estimated $884.5 billion in receipts, 3.2 million employees, and $179.7 billion in annual payroll.
– Women-owned businesses had an estimated $2.1 trillion in receipts, 11.4 million employees, and $508.5 billion in annual payroll.
– There were an estimated 650,680 Asian-owned businesses in the United States in 2022, an estimated 144,141 (22.2%) of them were in the Accommodation and Food Services sector. Asian-owned businesses had the largest estimated receipts ($1.2 trillion) among minority race groups.
– There were an estimated 194,585 Black or African American-owned businesses with $211.8 billion in annual receipts, 1.6 million employees, and about $61.2 billion in annual payroll. About 49,872 (25.6%) of them were in the Health Care and Social Assistance sector.
– There were an estimated 47,519 American Indian and Alaska Native-owned businesses with $78.5 billion in receipts; 333,153 employees; and approximately $14.6 billion in annual payroll.
– There were an estimated 9,552 Native Hawaiian and Other Pacific Islander-owned businesses with approximately $13.8 billion in receipts; 68,795 employees; and $3.2 billion in annual payroll.
– The number of Hispanic-owned businesses grew about 14.6% from 406,086 in 2021 to 465,202 in 2022 and made up about 7.9% of all U.S. businesses with an estimated $653.5 billion in annual receipts, 3.6 million employees, and approximately $143.2 billion in annual payroll.
Within the ABS, minority-owned firms are classified as any race and ethnicity combination other than non-Hispanic and White, and nonminority firms are classified as non-Hispanic and White. The ABS is sponsored by the National Science Foundation’s National Center for Science and Engineering Statistics (NCSES) and conducted jointly with the Census Bureau.
It measures research and development for microbusinesses, innovation and technology, and provides annual data on select economic and demographic characteristics for businesses and business owners by sex, ethnicity, race and veteran status. The NCSES is set to release more data on research and development and innovation in the coming months.