People of color owned fewer than 30% of businesses in the state, according to the latest Census figures.
Nearly 51,339 or 28% of businesses were owned by Black, Asian, or Hispanic people as of 2022, compared to 140,444 shops, or 74%, owned by white residents.
Black people owned the fewest businesses, with 6,213, followed by Hispanic residents, with 15,588, and Asian residents with 29,538.
Separate Census figures show that in 2023, residents of color made up about 48% of the population as of 2023.
As of 2022, there were 185,417 businesses statewide and about 5.9 million nationwide.
According to a 2024 Pew Research Center report, nationwide, though Black and Asian residents own fewer businesses than their white counterparts, “many see entrepreneurship as a marker of success.”
A note about the data: Someone of Hispanic origin can be of any race. Some may have been counted twice, affecting the figures slightly, according to the Census.
Can’t see the table? Click here.
Stories by Amira Sweilem
Amira Sweilem may be reached at asweilem@njadvancemedia.com.
Welcome to Mosaic. Follow us on Instagram at @MosaicNJcom and on Facebook at MosaicNJcom and on YouTube at @MosaicNJcom.