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.
Become an Harlem World Insider - Sign-Up For Our Newsletter!