While inclusive economic development is stated as a high priority for many cities, a number of data points counter the narrative of increased business growth for minority populations.
In this report, the authors analyze 21 cities to provide a snapshot of their “community economic equity” to see which municipalities are successfully fostering wealth creation across America’s five major racial groups (American Indians, Asian Americans, Blacks, Hispanics, and Whites).
- Across almost all cities, Blacks and Hispanics are consistently the populations demonstrating the least economic strength. In order to close the economic equity gap, special attention will have to be directed towards those populations.
- Though efforts focused on wealth creation in communities often focus on homeownership, educational attainment, and workforce development as the foundation of improvement, addressing economic equity through entrepreneurial equity is likely a more potent way to address these other gaps.
- Many cities have the potential to face serious fiscal, community and social challenges in the years and decades ahead.