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List puts Baltimore in top 10 for black-owned businesses

After taking a look at 111 of the country’s largest metropolitan areas, NerdWallet slotted the Baltimore/Towson region in 10th place for the best region for black-owned businesses.

NerdWallet examined the strength of the regions’ overall economic environment – including the number of businesses, median income, cost of living and unemployment rates – and whether existing black-owned businesses were successful in terms of their numbers, the percentage with paid employees and average revenues.

The Washington-Arlington-Alexandria metro area also ranked in the top 10 at No. 5.

For the Baltimore-Towson region, the personal finance website found that the average revenue of black-owned businesses was $56,763, behind only Durham, North Carolina, Savannah, Georgia, Fayetteville, North Carolina, and trailing far behind D.C.’s $95,230 average.

Of the top 10 spots, the Baltimore region’s median income for African Americans – at $24,426 – was second only to D.C.’s $31,063. The percentage of black-owned businesses ranked at the bottom of the top 10 at 16.5 percent, tied with Durham. The D.C. metro area’s percentage came in not much higher at 18 percent.