North Carolina is experiencing a significant demographic change in its business sector, with the number of Black and Hispanic business owners rising sharply in recent years. This development is highlighted by data from the US Census Bureau’s Annual Business Survey.
Between 2017 and 2022, Black-owned and Hispanic-owned businesses in North Carolina increased by nearly 65%. In contrast, White-owned businesses saw a growth rate of only 5% during the same period.
Despite these gains, minority business owners remain underrepresented compared to their overall population. In 2022, White-owned businesses made up 86.7% of all businesses in the state. Nonetheless, changes are evident, particularly since the pandemic. Black entrepreneurs represented just 3.7% of business owners in North Carolina in 2017; by 2022, this figure had grown to 5.7%. Similarly, Hispanic-owned businesses increased from 3.1% to 4.7%. Asian-owned businesses also grew by 25%, although their share only rose slightly from 6.0% to 6.9%.
The data suggests an increasingly diverse entrepreneurial landscape in North Carolina led by Black and Hispanic business owners. This trend may have significant economic and social impacts on the state in future years.
As minority-owned businesses continue to expand and prosper, they are expected to play a larger role in job creation, innovation, and community development across North Carolina. Policymakers and business leaders must ensure these entrepreneurs receive necessary resources and support to maintain this growth trajectory.
