August is Black Business Month, a time to honor and celebrate the profound impact of Black-owned businesses and entrepreneurs across the United States. Since its establishment in 2004 by historian John William Templeton and engineer Frederick E. Jordan Sr., this month has highlighted the vital contributions of the Black community in driving our national economy. However, it also serves as a crucial reminder of the persistent disparities that Black-owned businesses face, especially in a dynamic hub like Miami, where the need for equitable opportunities is more urgent than ever.

Miami-Dade County is home to the fifth-largest number of Black-owned employer businesses in the country, supported by a Black consumer market valued at $5.5 billion — the 14th largest in the nation. These businesses generate over $2.3 billion in annual sales, employ more than 12,000 people, and contribute over $320 million in payroll. These figures underscore the critical role Black businesses play in Miami’s economic ecosystem. Yet, despite this significance, only 2.5% of registered small businesses in Miami-Dade County are Black-owned, a stark indicator of the need for targeted support and investment.

As a pivotal player in Miami’s workforce development, CareerSource South Florida (CSSF) is deeply committed to enhancing the economic participation of African Americans. Our mission is to ensure that Miami’s Black-owned businesses not only survive but thrive in today’s highly competitive landscape. CSSF provides vital resources to Black business owners—from identifying cost-saving programs to offering funding opportunities that foster long-term success.

Coke Florida, a Black-owned Coca-Cola bottler, exemplifies the power of strategic partnerships with organizations like CSSF. As one of the largest minority-owned businesses in the U.S. and the largest in Florida, Coke Florida leads in business growth and community development. Through its partnership with CSSF, the company gains access to critical resources that help attract and retain top talent, serving as a model for other Black-owned businesses in Miami and beyond.

As we observe Black Business Month, it is crucial to recognize that a thriving Black business community drives broader economic growth for all of Miami. CSSF’s efforts to create a more inclusive workforce — through specialized talent recruitment, skills training, and job placement — are key to ensuring that Black businesses have the talent they need to grow and succeed. By empowering local entrepreneurs, CSSF is helping to build a stronger, more inclusive economy for all Miamians.

The importance of this work cannot be overstated. While Miami’s economy is booming — particularly in industries like construction, which has seen the fastest job growth rate in the state — there is a pressing need to ensure that Black-owned businesses have access to the resources and workforce they need to compete. With unemployment in Miami-Dade County at a low 2.7%, CSSF’s programs are more critical than ever in preparing workers to meet the demands of Miami’s rapidly expanding industries.

Moreover, the economic impact of Black-owned businesses extends far beyond the companies themselves. These businesses create wealth, drive innovation, and provide jobs that uplift communities. By supporting Black businesses, we are investing in the economic future of Miami as a whole. This is especially crucial as Miami-Dade County continues to grow and diversify, with Black businesses poised to play a central role in shaping the city’s economic landscape.

Black Business Month is not only a time to celebrate the achievements of Black entrepreneurs but also a moment to reflect on the work that remains to level the playing field. Organizations like CSSF are essential in closing these gaps and ensuring that all businesses have the support they need to thrive. As we look ahead, it is vital that consumers, policymakers, and businesses alike continue to support Black entrepreneurs and acknowledge their indispensable contributions to our economy.

In 2024, let Black Business Month serve as a reminder that when Black businesses thrive, so does Miami. CareerSource South Florida is at the forefront of this effort, ensuring that the workforce of tomorrow is being built today — not just for Black businesses, but for the future of Miami’s vibrant economy. With sustained support and commitment, we can ensure that Miami remains a place where everyone has the opportunity to succeed.

Rick Beasley is a community and business leader who serves as executive director of CareerSource South Florida, a local agency that connects businesses with talent and helps jobseekers find work.