Table of contents
- Minority-owned business statistics at a glance
- What the latest Census figures show
- Breakdown by race and ethnicity
- Industry and location patterns
- Business size, employment, and payroll
- Credit access and operating conditions
- How the numbers changed over time
- What the data suggests
Minority-owned business statistics at a glance
Minority-owned business statistics show a large and diverse slice of the U.S. business landscape, with the latest Census figures pointing to a business base that is both broad and uneven across groups, industries, and geography.
Big number: In 2023 ABS data for reference year 2022, 1.3 million of about 5.9 million U.S. employer firms were minority-owned, equal to 22.6% of all employer firms (Census Bureau 2024 employer-businesses release).
Fast fact: Minority-owned employer firms employed about 9.9 million workers in 2020 and recorded $357.4 billion in annual payroll (Census Bureau 2023 Who Owns America’s Businesses?).
At a glance
- 2022 employer-firm share: 22.6% minority-owned (Census Bureau 2024 employer-businesses release)
- 2020 minority-owned employer firms: about 1.2 million, or about 20% of all employer businesses (Census Bureau 2023 Who Owns America’s Businesses?)
- 2020 all U.S. firms: 5,775,258 across all sectors (Census Bureau 2023 Who Owns America’s Businesses?)
- 2020 total U.S. employment: 129,363,644 workers with $7.3 trillion in annual payroll (Census Bureau 2023 Who Owns America’s Businesses?)
- 2022 Asian-owned business receipts: $1.2 trillion, the largest among minority race groups in that release (Census Bureau 2024 employer-businesses release)
The headline is not just size. The dataset also shows clear concentration in some groups, strong receipts in several categories, and sharp differences in employment, payroll, and geography.
What the latest Census figures show
The latest employer-business release gives a useful snapshot because it puts minority-owned businesses beside the broader universe of employer firms.
In the 2023 ABS data for reference year 2022, the Census Bureau estimates there were about 5.9 million U.S. employer firms, and 1.3 million were minority-owned (Census Bureau 2024 employer-businesses release). That means roughly 1 in 5 employer firms fell into the minority-owned category.
A separate Census Bureau summary for 2020 puts minority-owned employer firms at about 1.2 million, or about 20% of all employer businesses (Census Bureau 2023 Who Owns America’s Businesses?). The difference between the 2020 and 2022 snapshots matters because it shows the scale stayed large even as the reported share moved upward.
Two broader benchmarks help frame the business base:
- 5,775,258 U.S. firms across all sectors in 2020 (Census Bureau 2023 Who Owns America’s Businesses?)
- 129,363,644 workers employed by U.S. firms in 2020, with $7.3 trillion in annual payroll (Census Bureau 2023 Who Owns America’s Businesses?)
Those totals make it easier to interpret the minority-owned numbers. The minority-owned segment is not a niche category; it represents millions of workers, hundreds of billions in payroll, and in some groups more than a trillion dollars in receipts.
Key takeaways
- Minority-owned businesses account for a substantial share of U.S. employer firms.
- The business base is concentrated in a few large group categories, especially Hispanic-owned and Asian-owned firms.
- Receipts, employment, and payroll do not move in lockstep, so one metric alone does not tell the full story.
Breakdown by race and ethnicity
The data becomes more informative when it is split by ownership category. The 2022 employer-business release gives the clearest side-by-side view for several minority groups.
| Ownership group | Businesses | Receipts | Employment | Payroll |
|---|---|---|---|---|
| Asian-owned | 650,680 | $1.2 trillion | Not stated in this release summary | Not stated in this release summary |
| Black or African American-owned | 194,585 | $211.8 billion | 1.6 million | $61.2 billion |
| American Indian and Alaska Native-owned | 47,519 | $78.5 billion | 333,153 | $14.6 billion |
| Native Hawaiian and Other Pacific Islander-owned | 9,552 | $13.8 billion | 68,795 | $3.2 billion |
| Hispanic-owned | 465,202 | $653.5 billion | 3.6 million | $143.2 billion |
| Veteran-owned | Not stated in this release summary | $884.5 billion | 3.2 million | $179.7 billion |
| Women-owned | Not stated in this release summary | $2.1 trillion | 11.4 million | $508.5 billion |
The table shows why minority-owned business statistics are usually more useful in grouped form than as a single overall share. The categories are not interchangeable:
- Asian-owned businesses had 650,680 businesses and $1.2 trillion in estimated receipts in 2022, the largest receipts total among minority race groups in that release (Census Bureau 2024 employer-businesses release).
- Black or African American-owned businesses numbered 194,585 and generated $211.8 billion in annual receipts, while employing 1.6 million workers (Census Bureau 2024 employer-businesses release).
- Hispanic-owned businesses numbered 465,202, generated $653.5 billion in annual receipts, and employed 3.6 million workers (Census Bureau 2024 employer-businesses release).
- American Indian and Alaska Native-owned businesses reached 47,519 businesses with $78.5 billion in receipts (Census Bureau 2024 employer-businesses release).
- Native Hawaiian and Other Pacific Islander-owned businesses numbered 9,552 with $13.8 billion in receipts (Census Bureau 2024 employer-businesses release).
A few points stand out immediately:
- The business counts and the receipts totals do not rank the same way.
- Employment is especially important for interpreting the economic footprint of each group.
- Some categories, such as women-owned and veteran-owned businesses, are huge in receipts and employment even though they are not race groups in the same sense as the others.
Industry and location patterns
Minority-owned business statistics are also shaped by where firms operate and what sectors they serve.
The 2020 release says there were more minority-owned businesses in urban areas (1,010,744) than rural areas (56,865) (Census Bureau 2023 Who Owns America’s Businesses?). That is a very large gap, and it suggests that location is a major part of the ownership story.
Industry concentration matters too. The Census Bureau reports several sector-specific patterns:
- Black-owned firms in Health Care and Social Assistance: 38,319 majority Black-owned businesses, representing 27.5% of all Black-owned businesses in that release, with 468,433 workers and $12.2 billion in annual payroll (Census Bureau 2023 Who Owns America’s Businesses?)
- Asian-owned firms in Accommodation and Food Services: 23.8% share in that sector in 2020 (Census Bureau 2023 Who Owns America’s Businesses?)
- Asian-owned businesses in Accommodation and Food Services in 2022: 144,141 businesses, or 22.2% of Asian-owned businesses in that release (Census Bureau 2024 employer-businesses release)
- Black-owned businesses in Health Care and Social Assistance in 2022: 49,872 businesses, or 25.6% of Black-owned businesses in that release (Census Bureau 2024 employer-businesses release)
These sector concentrations show that minority-owned firms are not spread evenly across the economy. Some categories cluster in service-heavy industries, and those clusters help explain employment and payroll outcomes.
Why it matters
Sector concentration can affect receipts, staffing, and resilience. A business group with a large share in one industry may show very different numbers from a group spread across many industries.
Business size, employment, and payroll
Receipts are important, but employment and payroll tell a more complete story about the role these businesses play in the labor market.
The 2020 summary says minority-owned employer firms employed about 9.9 million workers and paid $357.4 billion in annual payroll (Census Bureau 2023 Who Owns America’s Businesses?). In the 2022 employer-business release, several groups recorded especially notable employment totals:
- Women-owned businesses: 11.4 million workers and $508.5 billion in payroll (Census Bureau 2024 employer-businesses release)
- Asian-owned businesses: 5.2 million workers, the highest among minority groups in that release (Census Bureau 2023 Who Owns America’s Businesses?)
- Hispanic-owned businesses: 3.6 million workers and $143.2 billion in payroll (Census Bureau 2024 employer-businesses release)
- Veteran-owned businesses: 3.2 million workers and $179.7 billion in payroll (Census Bureau 2024 employer-businesses release)
- Black or African American-owned businesses: 1.6 million workers and $61.2 billion in payroll (Census Bureau 2024 employer-businesses release)
- American Indian and Alaska Native-owned businesses: 333,153 workers and $14.6 billion in payroll (Census Bureau 2024 employer-businesses release)
- Native Hawaiian and Other Pacific Islander-owned businesses: 68,795 workers and $3.2 billion in payroll (Census Bureau 2024 employer-businesses release)
A compact comparison makes the spread easier to see.
| Group | Employment | Annual payroll |
|---|---|---|
| Women-owned | 11.4 million | $508.5 billion |
| Asian-owned | 5.2 million | Not stated in 2023 summary |
| Hispanic-owned | 3.6 million | $143.2 billion |
| Veteran-owned | 3.2 million | $179.7 billion |
| Black or African American-owned | 1.6 million | $61.2 billion |
| American Indian and Alaska Native-owned | 333,153 | $14.6 billion |
| Native Hawaiian and Other Pacific Islander-owned | 68,795 | $3.2 billion |
A few practical readings follow from those numbers:
- Large employment counts do not always come with the largest receipts.
- Payroll totals can be relatively high even when business counts are lower.
- Group size, sector mix, and geography all shape the final pattern.
Credit access and operating conditions
The statistics on credit help explain why business outcomes differ across ownership groups.
The 2017 Small Business Credit Survey data in the dataset shows clear contrasts in profitability, growth expectations, and credit behavior:
- 82% of firms were non-Hispanic White-owned, 2% were non-Hispanic Black-owned, 10% were non-Hispanic Asian-owned, and 5% were Hispanic-owned (SBA Office of Advocacy 2017 credit-market report)
- 65% of firms were men-owned, 15% were equally owned, and 20% were women-owned (SBA Office of Advocacy 2017 credit-market report)
- 83% of firms were urban and 17% were rural (SBA Office of Advocacy 2017 credit-market report)
The profitability and financing numbers are even more revealing:
- 23% of White-owned firms were at a loss at the end of 2016, compared with 41% of Black-owned firms, 27% of Asian-owned firms, and 30% of Hispanic-owned firms (SBA Office of Advocacy 2017 credit-market report)
- 58% of White-owned firms were at a profit, compared with 43% of Black-owned firms, 58% of Asian-owned firms, and 53% of Hispanic-owned firms (SBA Office of Advocacy 2017 credit-market report)
- 54% of White-owned firms reported revenue increases in the prior 12 months, compared with 46% of Black-owned firms, 49% of Asian-owned firms, and 52% of Hispanic-owned firms (SBA Office of Advocacy 2017 credit-market report)
- 34% of White-owned firms reported employment increases, compared with 33% of Black-owned firms, 43% of Asian-owned firms, and 36% of Hispanic-owned firms (SBA Office of Advocacy 2017 credit-market report)
- 72% of White-owned firms expected revenue growth in the next 12 months, compared with 81% of Black-owned firms, 71% of Asian-owned firms, and 79% of Hispanic-owned firms (SBA Office of Advocacy 2017 credit-market report)
- 46% of White-owned firms expected employment growth, compared with 66% of Black-owned firms, 57% of Asian-owned firms, and 59% of Hispanic-owned firms (SBA Office of Advocacy 2017 credit-market report)
The credit-specific measures show that expectations can differ from current performance. Some groups with lower reported profitability still showed strong growth expectations.
Discouragement and access barriers
Among firms that did not apply for credit, the dataset reports:
- 12% of White-owned firms were discouraged (SBA Office of Advocacy 2017 credit-market report)
- 38% of Black-owned firms were discouraged (SBA Office of Advocacy 2017 credit-market report)
- 11% of Asian-owned firms were discouraged (SBA Office of Advocacy 2017 credit-market report)
- 22% of Hispanic-owned firms were discouraged (SBA Office of Advocacy 2017 credit-market report)
Among discouraged firms, the reasons also differed:
- 35% of discouraged White-owned firms cited low credit score (SBA Office of Advocacy 2017 credit-market report)
- 67% of discouraged Black-owned firms cited low credit score (SBA Office of Advocacy 2017 credit-market report)
- 57% of discouraged Hispanic-owned firms cited low credit score (SBA Office of Advocacy 2017 credit-market report)
- 34% of discouraged White-owned firms cited insufficient collateral (SBA Office of Advocacy 2017 credit-market report)
- 49% of discouraged Black-owned firms cited insufficient collateral (SBA Office of Advocacy 2017 credit-market report)
- 30% of discouraged Hispanic-owned firms cited insufficient collateral (SBA Office of Advocacy 2017 credit-market report)
That pattern makes the credit story straightforward: not all firms face the same financing environment, and those differences show up in both application behavior and the reasons firms hold back.
How the numbers changed over time
The supplied statistics span multiple years, which makes it possible to see growth, not just a single snapshot.
| Metric | Earlier value | Later value | Change |
|---|---|---|---|
| Hispanic-owned businesses | 346,836 in 2019 | 375,256 in 2020 | +8.2% (Census Bureau 2023 Who Owns America’s Businesses?) |
| Hispanic-owned businesses | 406,086 in 2021 | 465,202 in 2022 | +14.6% (Census Bureau 2024 employer-businesses release) |
| All minority-owned firms | 736,064 in 1982 | 3,245,127 in 1997 | +168.0% (MBDA Milken Institute minority business report) |
| Minority-owned firms with employees | 119,232 in 1982 | 522,942 in 1997 | +338.8% (MBDA Milken Institute minority business report) |
| Minority-owned businesses | 8.0 million in 2012 | Not directly comparable to the 2022 employer-firm release | Different survey frame (MBDA Survey of Business Owner Facts) |
The Hispanic-owned business figures are especially useful because they show continued momentum across consecutive periods.
- From 2019 to 2020, Hispanic-owned businesses increased from 346,836 to 375,256 (Census Bureau 2023 Who Owns America’s Businesses?)
- From 2021 to 2022, Hispanic-owned businesses increased from 406,086 to 465,202 (Census Bureau 2024 employer-businesses release)
- In 2022, Hispanic-owned businesses made up about 7.9% of all U.S. businesses (Census Bureau 2024 employer-businesses release)
- In 2020, the same group made up about 6.5% of all U.S. businesses (Census Bureau 2023 Who Owns America’s Businesses?)
The longer-run minority-business report also shows how fast the category expanded over a 15-year span:
- All minority-owned firms rose from 736,064 in 1982 to 3,245,127 in 1997 (MBDA Milken Institute minority business report)
- Minority-owned firms with employees rose from 119,232 in 1982 to 522,942 in 1997 (MBDA Milken Institute minority business report)
Those longer-term figures are older, but they still matter because they show that minority business growth has been a structural trend rather than a short-term fluctuation.
What the data suggests
The strongest reading of minority-owned business statistics is not that one number tells the whole story. It is that the segment is large, varied, and highly sensitive to ownership group, sector, geography, and access to capital.
A few final data-backed observations stand out:
- Asian-owned businesses combine a large business count with very high receipts, reaching $1.2 trillion in 2022 (Census Bureau 2024 employer-businesses release).
- Hispanic-owned businesses show strong growth and a large employment footprint, with 3.6 million workers and $653.5 billion in receipts in 2022 (Census Bureau 2024 employer-businesses release).
- Black-owned businesses remain a major part of the employer-business landscape, with 194,585 businesses, 1.6 million workers, and $211.8 billion in receipts in 2022 (Census Bureau 2024 employer-businesses release).
- Women-owned businesses and veteran-owned businesses are both economically large by receipts and employment, with $2.1 trillion and $884.5 billion in receipts respectively (Census Bureau 2024 employer-businesses release).
- Urban concentration remains a defining trait of the minority-owned business landscape, with more than 1.0 million minority-owned businesses in urban areas versus 56,865 in rural areas in the 2020 summary (Census Bureau 2023 Who Owns America’s Businesses?).
If you are using minority-owned business statistics for research, policy, or market sizing, the most defensible approach is to track the data by ownership group and by measure. Business counts, receipts, employment, and payroll each reveal a different part of the picture, and the gaps between them are the most important part of the story.