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The report looks at the current and potential future contributions of employer minority firms and the key underlying drivers in their contribution to the U.S. macroeconomy. By using simple linear trends in the historical and current contributions of employer minority firms to the U.S. economy and projecting these trends forward, a baseline is established for the path of minority business economic growth. The report underscores the importance of having a greater focus on minority business productivity to fill an economic opportunity gap.
This paper provides the first analysis of impacts of the pandemic on the number of active small businesses in the United States using nationally representative data from the April 2020 CPS – the first month fully capturing early effects. The number of active business owners in the United States plummeted by 3.3 million or 22 percent over the crucial two-month window from February to April 2020.