Feb 4, 2025 Story by: Editor
According to the latest Census data, people of color owned fewer than 30% of businesses in the state.
As of 2022, Black, Asian, and Hispanic individuals owned approximately 51,339 businesses, making up 28% of the total, while white residents owned 140,444 businesses, or 74%.
Among racial groups, Black residents had the fewest business owners, with 6,213, followed by Hispanic entrepreneurs at 15,588, and Asian business owners at 29,538.
Separate Census data from 2023 indicates that residents of color comprised about 48% of the state’s population that year. By 2022, the state had a total of 185,417 businesses, contributing to approximately 5.9 million businesses nationwide.
A 2024 Pew Research Center report noted that while Black and Asian residents own fewer businesses than white individuals, “many see entrepreneurship as a marker of success.”
Business Ownership in New Jersey by Race, 2022
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| Chart by Amira Sweilem | Source: U.S. Census Bureau | Get the data | Created using DatawrappeR |
Source: NJ
