Growth Trends for Black-Owned Businesses in Illinois and Nationally – Q1 2025
National Growth:
- Black-owned businesses increased by 56.9% from 124,004 (2017) to 194,585 (2022).
- Gross revenue grew by 66%, rising from $127.9B (2017) to $211.8B (2022).
- Black household business ownership doubled from 5% to 11% (2019-2022).
- Employment impact: Black-owned firms employed 1.32M people (2020) and added 48,549 new jobs with $1.7B in payroll.
Illinois-Specific Growth:
- 30.8% of Black-owned firms have operated for 10+ years, showcasing stability.
- 37.8% have been in business 3-9 years, reflecting growth.
- 11% of Illinois businesses are Black-owned, but only 2% are employer firms.
Top Industries in Illinois:
- Professional Services (12.22%)
- Food & Restaurant (10.75%)
- Education & Social Services (9.72%)
- Retail (8.98%)
- Personal Services (6.77%)
- Arts & Entertainment (6.33%)
Challenges & Opportunities:
- Only 3% of U.S. firms are Black-owned, despite Black Americans comprising 14% of the population.
- Optimism: Over 70% of Black small business owners are optimistic about their industry’s future.
- Hiring Plans: 71% plan full-time hires, and 55% expect part-time hires by 2025.
- Access to capital: More Black entrepreneurs are leveraging credit lines, online loans, and venture capital.