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