Good News for the Black Business Community

Good News for the Black Business Community

With all of the bad news in the public square over the past few months, a few landmark facts have been ignored. Blacks in business, education and socially have been on the increase across the board and no one is saying a word about it.

Based upon recent Census data and information compiled by business and social sights, we were able to put the pieces together to show you what we mean. If it had not been for the recent COVID-19 pandemic, blacks in the U.S. were poised to eclipse a pace of economic success not seen in our lifetimes.

We’ve tried to connect the dots and leave breadcrumbs for the investigator in our readership, but facts cannot deny the reality, there is reason to be extremely optimistic to be Black in America today.

Nevada

Although the business community in Nevada only represents 4-5%  of the total number of businesses that number continues to grow year over year. According to a 2018 Nevadabusiness.com article 70% of SMB businesses represent the vast majority of business in the Silver State. The fastest growing segment being Hispanic represents the fastest growth but as we will share later in this article, there is plenty of reason to cheer for the Black community.

Education

One of the most exciting trends we’ve seen in the educational gap between black and white America shrinking. No other indicator of progress has garnered more interest than the educational gap. If you didn’t do some investigating you would think Blacks are still writing with crayons on a piece of papyrus on some dirt floored hut. Nothing could be further from the truth.

Based upon 2020 census date 88% of Blacks reported they graduated from H.S. and 24% of Black households reported they graduated from college with a 4 year Bachelors Degree. Let’s put this in perspective. In 1940 only 7% of Blacks graduated from H.S. and only 1% graduated from college. To emphasize this even more. The national average of those who reported on the 2020 census having said they graduated from H.S. was 90%. and college graduation rates were 36%.

When you couple these findings with date that says the number of blacks dropping out of H.S. was less than the national average, the future is looking up for the black community.

Black Buying Power

It is hard to write an article about Blacks in America without focusing on the buying power of Black Americans. There have been all kinds of programs and calls for blacks to do what every other ethnic group in America has done for centuries to build up their communities, we call it Buying Black. No community can build generational wealth when there assets and energy never work in their own communities of color.

The findings are as follows. In 2018 the GDP of the United States was $14.8T dollars. In 2020 we are much larger, leading the entire planet in our national wealth. As communities of color the next largest group to come in are Hispanics with $1.5T in buying power and rounding out the top three are Black Americans with $1.3T in buying power. Big numbers to be sure but let me put this number in perspective.

If Black Americans were a nation (not Africa which is a continent with many nations) we would rank as the 13 largest nation on the planet!!!! That is incredible. The black community in America, comprised of only 13million people possess the buying power of all expect for the top 12 countries on the planet. That is the buying power of Black Americans.

By comparison, the Jewish community, which is much smaller has done very well for themselves in America as have the Italian community. If Black Americans in business, sports and the Arts were able to harness our vast equity in resources and talent we could have an even more significant impact on the national and global landscape.

Connecting the Dots

As we continue to dig deeper into the numbers and connect the dots we’ll share our findings. Today it is our pleasure to let those on the sidelines who can’t see the incredible gains made by Black Americans to stop for a minute and root on the team. Black Americans have endured and persevered over the centuries and if the Lord stays the same, we can look forward to an even better future.

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    Sherman Ray

    Sherman Ray is a Writer, Publisher and serial entrepreneur. He is the Editor of Black Success Magazine