Black-And Asian-Owned Businesses Grow While Hispanic-Owned Decline, Says CUF

September 16, 2020

The Center for an Urban Future reports that the latest study reveals that over the past five years the number of Hispanic-owned businesses decreased by 8.7 percent citywide, and by 23 percent in the Bronx. These troubling declines in NYC occurred even as Hispanic-owned firms increased in most other large U.S. cities.

This report, which was supported by Santander, also finds that the number of Black-owned businesses in New York City increased at four times the rate of white-owned firms during the same five-year period

This report, which was supported by Santander, also finds that the number of Black-owned businesses in New York City increased at four times the rate of white-owned firms during the same five-year period—gains that have contributed to wealth-building for Black New Yorkers and strengthened neighborhood economies across the five boroughs, but which are now severely threatened by the pandemic.

At the same time, Black-owned businesses account for just 3.5 percent of all firms in the city, despite an overall population that is nearly 22 percent Black.

The analysis shows that minority-owned businesses have become even more important to the city’s economy in recent years. Despite the drop in Hispanic-owned firms, the overall number of minority-owned businesses across the five boroughs grew by 7.4 percent. New York City is now home to over 64,500 minority-owned firms with employees—more than the total number of businesses in all of Dallas, San Francisco, or Philadelphia, among other major cities.

Check out the full report, NYC Minority Businesses in Flux.



By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact
We're your source for local coverage, we count on your support. SUPPORT US!
Your support is crucial in maintaining a healthy democracy and quality journalism. With your contribution, we can continue to provide engaging news and free access to all.
accepted credit cards

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Related Articles