Recent headlines often paint a bleak economic image for Black America, citing reports of a growing wealth gap for Black men and boys following 600,000 Black women being pushed out of the workforce. But as Black Business Month is underway, there is another reality: Black entrepreneurs have built businesses at historic rates, nearly 19 times faster than the broader business sector, creating jobs in industries with a growth potential worth watching.

This Brookings Institution report found that, for the first time, the U.S. had more than 200,000 Black-owned employer businesses in 2023. Together, these companies earned $249 billion in annual revenue, employed 1.8 million people and paid nearly $70 billion in wages. Since 2017, the report cites that Black-owned firms grew by 62 percent, outpacing overall employer business growth.

So where is this new “Black Gold Rush” taking form? Brookings identified several industries where Black-owned employer businesses are gaining the strongest traction.

Health Care and Social Assistance

According to Brookings data, businesses in health care and social assistance have the largest number of Black-owned firms. Entrepreneurs have found growth in home health, behavioral health, child care, senior care, medical offices, and wellness services, stemming from the aging population, rising demand, community trust and the need for culturally responsive care.

Related: The Most Iconic Fictional Black Businesses We Wish Were Real

Professional, Scientific and Technical Services

Professional services are also expanding, with Black-owned consulting, marketing, communications, accounting, human resources and strategy firms increasing.

Technology, especially artificial intelligence, is making it easier to get started in business. As The Root previously reported, the rapid growth of AI is driving demand for skilled trades to support the industry’s expansion.

source: The Hidden ‘Gold Rush’ Behind Black Business Growth You Need to Know