North Raleigh Today

North Carolina's business environment is experiencing a significant demographic transformation. According to new data from the US Census Bureau's Annual Business Survey, there has been a notable increase in the number of Black and Hispanic business owners in recent years.

From 2017 to 2022, the number of Black-owned and Hispanic-owned businesses in North Carolina increased by nearly 65%. In contrast, White-owned businesses grew by a more modest 5% during the same period.

Despite this growth, minority business owners remain underrepresented compared to their overall population in North Carolina. As of 2022, White-owned businesses made up the majority of the state's businesses at 86.7%. However, change is underway, particularly since the pandemic. Black entrepreneurs accounted for just 3.7% of business owners in 2017; by 2022, this figure had risen to 5.7%. The share of Hispanic-owned businesses also grew from 3.1% to 4.7%. Asian-owned businesses saw strong growth as well, increasing by 25% since 2017, though their share rose only slightly from 6.0% to 6.9%.

The data indicates an increasingly diverse business community in North Carolina, with Black and Hispanic owners at the forefront. This shift is expected to have significant economic and social effects on the state in future years.

As minority-owned businesses continue to grow and prosper, they are anticipated to play a larger role in job creation, innovation, and community development across North Carolina. Policymakers and business leaders will need to ensure that these entrepreneurs have access to necessary resources and support to maintain this growth trajectory.