While the rest of the nation enjoys a single-digit unemployment rate, the Black Community’s unemployment rate has been consistently stuck in the double-digits. According to BlackEconomicDevelopment.com, the best way to rid the black community of the current 14 percent unemployment rate is to support black-owned businesses.
Two out of every three workers employed by black-owned businesses are African American. BlackEconomicDevelopment.com does not believe economic growth policy alone can save the Black Community from its staggering unemployment rate. Here is the solution the website offered to lowering the unemployment rate in the Black Community:
One solution is to look to the potential of African-American businesses. The last census survey of small businesses, (the Survey of Business Owners conducted in 2007) determined African Americans owned 1.9 million small businesses. This represented 7.1% of the nation’s 27 million businesses. Furthermore, businesses owned by blacks employed 921,032 workers.
In 2007, the Gazelle Index conducted a national random survey of 350 CEOs of African-American owned businesses. The survey had a margin of error of 5%. The survey determined that 64% of employees in black-owned businesses were black. This means those businesses employed 589,460 workers in 2007.
Think of it this way. Today, there are 2.5 million unemployed black workers. As such, African American-owned businesses are capable of employing 23% or more of them. Furthermore, as these businesses grow and their employment capacity increases, two out of every three workers hired will be Black.
Conclusion – one of the most effective strategies for lowering black unemployment is to increase support for black businesses. —Source
BlackEconomicDevelopment.com cited that information technology, construction, management and administrative services, health care and education, retail trades, transportation and warehousing, and professional and technical services are all industries that black businesses will do the most hiring. If you need help locating black-owned businesses to patronize, just download the Around the Way app on your mobile phone. It uses your phone’s GPS to locate black-owned businesses in your area.