Wisconsin Continues to See Low Number of Businesses Owned by People of Color

Tuesday, February 6th, 2024 -- 10:01 AM

(Wisconsin Ag Connection) In recent years Wisconsin has seen massive spikes in business ownership among nonwhite entrepreneurs yet the state continues to have an overall low number of businesses owned by people of color.

According to the Wisconsin Ag Connection, Wisconsin ranks 50th for the rate of business ownership among minorities. Businesses owned by people of color represent 10.9% of total businesses despite people of color representing 19.2% of the state’s total population.

Underrepresentation in business ownership is especially acute for Black and Latino owners. Wisconsin is missing out on additional economic benefits from businesses owned by people of color because of this underrepresentation.

Wisconsin is following a nationwide trend of a small but growing number of diverse business owners. This recent growth suggests a promising and economically important future for diverse business owners who need support to address the significant challenges they face.

These findings are among those compiled in a new report “Business Owners of Color in Wisconsin: Representation, Profitability, and Growth,” which is part of the Wisconsin Economy Series of reports from Extension’s Community Economic Development Program.

The report was produced by the Economic Development Administration University Center.

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