Young woman paying for goods with a smart watch in a coffee shop.

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.

James Wright Jr. is the D.C. political reporter for the Washington Informer Newspaper. He has worked for the Washington AFRO-American Newspaper as a reporter, city editor and freelance writer and The Washington...

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