The Chase 2024 Midyear Business Leaders Outlook survey reveals that Black businesses are on the upswing.
The survey was conducted in May 2024 and represents decision-makers from 510 businesses with annual revenues under $20 million. The survey reported that in recent years, Black-owned businesses have shown remarkable growth and resilience in the U.S.
The survey reveals 78% of respondents from Black-owned businesses believe that small businesses will be the primary drivers of economic growth in the U.S., compared with the previously cited 63% of the broader survey population. This confidence extends to their own companies, with about 70% of Black-owned business leaders feeling more optimistic about their company’s future than they have in the past five years, surpassing the 59% optimism rate among all surveyed businesses.
And despite facing similar economic challenges, such as inflation and rising operational costs, Black-owned businesses are more inclined to “hit the accelerator” on growth initiatives. Half of these business leaders plan to keep growing, despite inflation, compared with 36% of total respondents.
This proactive approach positions Black-owned businesses as vital contributors of growth in the future U.S. economic landscape.