Black healthcare and affiliated businesses are expected to benefit from the second quarter surge in the GDP, with Black-owned firms accounting for 28% of all Black-owned firms nationally in any industry. The gross domestic product (GDP) doubled by 2.8% in the second quarter of this year, with spending in healthcare and affiliated businesses growing by about $27 billion [6d310186].
Higher economic growth should lead to greater availability of credit and investment opportunities for minority-owned businesses, which are vital for their sustainability. The healthcare sector is critical to minority employment and ownership. However, the benefits of growth are not equitably distributed, as minority-owned firms face increased competition without proportional access to resources [6d310186].
According to a recent Pew Research Center analysis, there were 161,031 Black-owned businesses in the U.S. in 2021, up from 124,004 in 2017, with revenue growing from nearly $127.9 billion to $183.3 billion. However, only about 3% of U.S. firms have Black-business ownership, accounting for just 1% of the country's gross revenue. Black business owners account for about 10% of U.S. businesses and about 30% of all minority-owned businesses. Nearly 40% of Black-owned businesses are in health care and social assistance, repair and maintenance, and personal and laundry services. Black-owned businesses had pronounced increases in revenue, employees, and payroll, employing 1.321 million people and adding 48,549 new jobs in 2020. Black business growth is important for economic impact, community development, reducing wealth gaps, innovation and diversity, and social equity [de3e3c4d].
Despite the unequal access to resources, the positive economic outlook for Black healthcare firms is in line with the overall positive outlook for commodities. The US economy continues to hold up well, supporting the positive outlook for commodities. Despite a recent slowdown in GDP growth, U.S. demand for commodities remains resilient [54aa13a0].
Sam Labell, an expert in the field, believes that commodities will continue to benefit as long as the U.S. economy remains strong. Labell's positive outlook on commodities is in line with the recent rally in cocoa prices, as the top cocoa grower seeks to avoid export defaults after a price hike [54aa13a0].
Labell's views on the U.S. economy and commodities are important for investors and traders in the commodities market. His insights provide valuable guidance for those looking to make informed decisions in this sector [54aa13a0].
There are several grants available to support Black-owned businesses and promote their growth and development [de3e3c4d].