Black Wall Street was thriving at the time of the Tulsa race riot of 1921. The riot, however, took a heavy financial toll on African Americans. Many homes and businesses were destroyed. Moreover, following the riot, residents of Greenwood met resistance to rebuild. Nonetheless, African American professionals and entrepreneurs slowly began to rebuild. Lawyers offered legal assistance to African Americans jailed in the riots and helped them sue the city for compensation.

A massive reconstruction of the district was completed in 1922, only one year after the riot and without the help of the greater Tulsa community. Eighty businesses were opened by the end of 1922. Great Depression. In addition to the usual businesses, the area formerly known as Black Wall Street contained a business college and the reopened offices of the African American newspaper. Many middle- and upper-class African Americans lived there. In addition, it provided the backbone for greater civic and political participation by Tulsa’s African American residents. By the end of the 1950s, however, more than half of the businesses had closed. Desegregation allowed the entry of businesses owned by whites while increasing numbers of African Americans in the community invested in entities outside Greenwood. By 1961, 90 percent of African American income in Tulsa was spent outside of the Greenwood district.

​