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After suffering a crippling blow early in the pandemic, Black-owned firms are seeing the strongest rebound among U.S. racial or ethnic groups.
The number of African-American business owners in operation surged to almost 1.5 million last month, up 38% from February 2020, before Covid-19 hit the U.S., according to new research from Robert Fairlie, a professor at University of California, Santa Cruz. The ranks of Hispanic owners rose by 15% in the same period, while White and Asian entrepreneurs fell by 3% and 2%, respectively.
The surge in Black owners is probably the result of multiple factors, including business opportunities arising from the Buy Black movement that started last year and necessity-driven entrepreneurship by workers who lost their jobs, Fairlie said.
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