<\/h3>\n<\/div>\n<\/article>\n\n<\/div>\n\n<\/h2>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n
According to the\u00a0Federal Reserve<\/a>, in 2019, the median net worth of white families was $188,200\u20147.8 times that of their Black peers, at $24,100. That wealth gap translates to many other disparities, including in business ownership, which is heavily influenced by individual and family wealth. In 2019, there were a total of 5,771,292 employer firms (businesses with more than one employee), of which only 2.3% (134,567) were Black-owned, even though Black people comprise 14.2% of the country\u2019s population.<\/p>\nIn support of the\u202fPath to 15|55<\/a>\u202finitiative, which endeavors to grow the percentage of Black-owned employer firms, Brookings published\u00a0\u201cTo expand the economy, invest in Black businesses,\u201d<\/a>\u00a0a report that used the Census Bureau\u2019s 2019 Annual Business Survey (ABS) to calculate the national proportion of Black and non-Black businesses in the prior year. The report also calculated the businesses, jobs, and revenue the nation would gain if the percentage of Black-owned employer firms equaled the proportion of Black people in the country\u2019s population.<\/p>\nIn this report, we examine those same projections at the metropolitan level using 2018 and 2020 ABS data. (The ABS uses yearly administrative data and representative surveys to compile key economic and demographic information for employer firms and non-employer firms [also known as sole proprietorships], and produces data estimates at the national, state, metro area, county, and economic place level.) Additionally, we explore policy solutions that get at the heart of Yellen\u2019s assertion, recommending structural changes that will enable the economy to work for entrepreneurs of all races.<\/p>\n
WHAT METRO AREAS COULD GAIN WITH MORE BLACK-OWNED BUSINESSES<\/b><\/h2>\n
Before illuminating the lack of Black-owned businesses in U.S. metro areas and the structural reasons behind it, the interactive below presents the revenue, jobs, and wages that places would gain if the percentage of employer firms that are Black-owned was on par with the metro area\u2019s Black population share.<\/p>\n
We assume an expansion in the size of the economy such that no gains in Black business revenue or size come at the expense of non-Black businesses. The estimations are based on revenue and payroll data from the 2018 ABS, as the 2019 and 2020 ABS have limited data on revenue at the metro level.<\/p>\n","protected":false},"excerpt":{"rendered":"
At a January 17 event marking Martin Luther King Jr. Day, Treasury Secretary Janet Yellen\u00a0said, \u201cFrom Reconstruction, to Jim Crow, to the present day, our economy has never worked fairly for Black Americans\u2014or, really, for any American of color.\u201d Yellen\u2019s remarks were an acknowledgement that U.S. policymakers have established racially tilted rules for the economy, […]<\/p>\n","protected":false},"author":1,"featured_media":2470,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"class_list":["post-2469","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/roselandllc.com\/wp-json\/wp\/v2\/posts\/2469"}],"collection":[{"href":"https:\/\/roselandllc.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/roselandllc.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/roselandllc.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/roselandllc.com\/wp-json\/wp\/v2\/comments?post=2469"}],"version-history":[{"count":1,"href":"https:\/\/roselandllc.com\/wp-json\/wp\/v2\/posts\/2469\/revisions"}],"predecessor-version":[{"id":2471,"href":"https:\/\/roselandllc.com\/wp-json\/wp\/v2\/posts\/2469\/revisions\/2471"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roselandllc.com\/wp-json\/wp\/v2\/media\/2470"}],"wp:attachment":[{"href":"https:\/\/roselandllc.com\/wp-json\/wp\/v2\/media?parent=2469"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roselandllc.com\/wp-json\/wp\/v2\/categories?post=2469"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roselandllc.com\/wp-json\/wp\/v2\/tags?post=2469"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
<\/h2>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n
According to the\u00a0Federal Reserve<\/a>, in 2019, the median net worth of white families was $188,200\u20147.8 times that of their Black peers, at $24,100. That wealth gap translates to many other disparities, including in business ownership, which is heavily influenced by individual and family wealth. In 2019, there were a total of 5,771,292 employer firms (businesses with more than one employee), of which only 2.3% (134,567) were Black-owned, even though Black people comprise 14.2% of the country\u2019s population.<\/p>\n In support of the\u202fPath to 15|55<\/a>\u202finitiative, which endeavors to grow the percentage of Black-owned employer firms, Brookings published\u00a0\u201cTo expand the economy, invest in Black businesses,\u201d<\/a>\u00a0a report that used the Census Bureau\u2019s 2019 Annual Business Survey (ABS) to calculate the national proportion of Black and non-Black businesses in the prior year. The report also calculated the businesses, jobs, and revenue the nation would gain if the percentage of Black-owned employer firms equaled the proportion of Black people in the country\u2019s population.<\/p>\n In this report, we examine those same projections at the metropolitan level using 2018 and 2020 ABS data. (The ABS uses yearly administrative data and representative surveys to compile key economic and demographic information for employer firms and non-employer firms [also known as sole proprietorships], and produces data estimates at the national, state, metro area, county, and economic place level.) Additionally, we explore policy solutions that get at the heart of Yellen\u2019s assertion, recommending structural changes that will enable the economy to work for entrepreneurs of all races.<\/p>\n Before illuminating the lack of Black-owned businesses in U.S. metro areas and the structural reasons behind it, the interactive below presents the revenue, jobs, and wages that places would gain if the percentage of employer firms that are Black-owned was on par with the metro area\u2019s Black population share.<\/p>\n We assume an expansion in the size of the economy such that no gains in Black business revenue or size come at the expense of non-Black businesses. The estimations are based on revenue and payroll data from the 2018 ABS, as the 2019 and 2020 ABS have limited data on revenue at the metro level.<\/p>\n","protected":false},"excerpt":{"rendered":" At a January 17 event marking Martin Luther King Jr. Day, Treasury Secretary Janet Yellen\u00a0said, \u201cFrom Reconstruction, to Jim Crow, to the present day, our economy has never worked fairly for Black Americans\u2014or, really, for any American of color.\u201d Yellen\u2019s remarks were an acknowledgement that U.S. policymakers have established racially tilted rules for the economy, […]<\/p>\n","protected":false},"author":1,"featured_media":2470,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"class_list":["post-2469","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/roselandllc.com\/wp-json\/wp\/v2\/posts\/2469"}],"collection":[{"href":"https:\/\/roselandllc.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/roselandllc.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/roselandllc.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/roselandllc.com\/wp-json\/wp\/v2\/comments?post=2469"}],"version-history":[{"count":1,"href":"https:\/\/roselandllc.com\/wp-json\/wp\/v2\/posts\/2469\/revisions"}],"predecessor-version":[{"id":2471,"href":"https:\/\/roselandllc.com\/wp-json\/wp\/v2\/posts\/2469\/revisions\/2471"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roselandllc.com\/wp-json\/wp\/v2\/media\/2470"}],"wp:attachment":[{"href":"https:\/\/roselandllc.com\/wp-json\/wp\/v2\/media?parent=2469"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roselandllc.com\/wp-json\/wp\/v2\/categories?post=2469"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roselandllc.com\/wp-json\/wp\/v2\/tags?post=2469"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}WHAT METRO AREAS COULD GAIN WITH MORE BLACK-OWNED BUSINESSES<\/b><\/h2>\n