Black History Month is here, and Fayetteville is making a positive name for itself, with the highest percentage of Black-owned businesses of any city in the country.
Lendingtree.com did a study on Black-owned businesses, and it showcased that 11.2 percent of the businesses in Fayetteville are Black-owned. And while that number may not seem all that big, it’s a huge step above the second-highest city on the list, Washington, D.C., with 7.7 percent.
“Fayetteville, N.C., has the highest percentage of Black-owned businesses among the 50 metros examined at 11.2%,” the Lendingtree report said. “Within the metro, Black people make up 33% of the population — seventh-highest among the 50 metros. The metro’s percentage of Black-owned businesses is closest to parity with the percentage of Black Americans in the U.S. at 12.8%.”
Among the most intriguing findings in the study, it is that Black-owned businesses have a higher likelihood of being in the health care, social assistance, or transportation and warehousing industries.
“Compared to national averages, Black-owned businesses are more likely to be within the health care and social assistance and transportation and warehousing industries. These two industries represent 36% of Black-owned businesses. Nationally, only about 14.7% of businesses — regardless of race — are in one of those two industries.”
The study also found, somewhat unsurprisingly, that Black-owned businesses are far underrepresented compared to the population size of the country.
“Although Black people account for 12.8% of the total U.S. population, only 2.4% of businesses are Black-owned,” the study said. “This shows that Black-owned businesses are underrepresented relative to their share of the U.S. population.”
The study found that most of the cities with the lowest percentages of Black-owned businesses, unsurprisingly were among the cities with the lowest percentage of Black population, in general.
“The 10 metros with the lowest percentage of Black-owned businesses are all below 2%. And they aren’t concentrated in a particular geographic region, ranging from Pittsburgh to San Diego to Seattle to Milwaukee.”
Here’s the list of the top cities with the highest percentage of Black-owned businesses in the country, followed by some useful tips for starting a business: