What does this measure?
The share of businesses owned by people of different racial and ethnic backgrounds.
Why is this important?
Business ownership plays a significant role in wealth creation and accumulation, and can help address the racial wealth gap in the U.S. while also creating jobs and stimulating the economy more broadly.
How is Westchester County performing?
Business ownership in Westchester was highly concentrated, with Whites owning 79% of all businesses in 2017. Just 3% of businesses were owned by African Americans, 7.5% by Hispanics and 11% by Asians. These were similar to state and national figures, though Westchester's shares of Hispanic and African American owned businesses were slightly higher.
Among comparison counties, Westchester was similar to Nassau and they both had more diversity in ownership than Putnam and Rockland.
Within the county, Port Chester had the highest percentage of Hispanic owned businesses at 13.5%; New Rochelle had the highest percentage of African American owned businesses at 5.4%; and Bronxville had the highest percentage of Asian owned businesses at 14.9%.
Why do these disparities exist?
The lack of equal opportunities for wealth accumulation and systemic racism in the banking industry both contribute to these disparities. Would-be businesses owners of color have significantly less investment capital than their white peers due to historic discrimination in housing, a traditional method for accumulating personal wealth, and in the lending industry through both housing and corporate redlining.
Notes about the data
Annual Business Survey (ABS) data are sourced from a combination of responses to the survey, data from the economic census, and administrative records data. The ABS only includes data for businesses with paid employees. Figures will not sum to 100% because business owners may identify as part of more than one racial/ethnic group.
| Asian | Black or African American | Hispanic | White | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Westchester County | 11.1% | 3.0% | 7.5% | 79.1% | |||||||||||||||
| Nassau County | 13.7% | 2.3% | 5.3% | 79.4% | |||||||||||||||
| Putnam County | 4.5% | 0.8% | 4.4% | 86.2% | |||||||||||||||
| Rockland County | 10.1% | 0.0% | 0.0% | 79.7% | |||||||||||||||
| New York State | 15.1% | 2.5% | 4.9% | 76.7% | |||||||||||||||
| Mount Vernon | 11.3% | 0.0% | 7.3% | 69.9% | |||||||||||||||
| New Rochelle | 14.1% | 5.4% | 8.8% | 72.0% | |||||||||||||||
| Peekskill | 0.0% | 0.0% | 0.0% | 79.4% | |||||||||||||||
| Rye City | 0.0% | 0.0% | 0.0% | 0.0% | |||||||||||||||
| White Plains | 11.2% | 0.0% | 0.0% | 70.4% | |||||||||||||||
| Yonkers | 14.1% | 0.0% | 7.4% | 73.0% | |||||||||||||||
| Westchester County Villages | |||||||||||||||||||
| Asian | Black or African American | Hispanic | White | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Westchester County | 3,066 | 817 | 2,067 | 21,893 | |||||||||||||||
| Nassau County | 6,034 | 1,013 | 2,321 | 34,908 | |||||||||||||||
| Putnam County | 116 | 21 | 112 | 2,201 | |||||||||||||||
| Rockland County | 904 | 0 | 0 | 7,120 | |||||||||||||||
| New York State | 67,501 | 11,395 | 21,806 | 343,373 | |||||||||||||||
| Mount Vernon | 169 | 0 | 110 | 1,050 | |||||||||||||||
| New Rochelle | 287 | 111 | 179 | 1,470 | |||||||||||||||
| Peekskill | 0 | 0 | 0 | 591 | |||||||||||||||
| Rye City | 0 | 0 | 0 | 0 | |||||||||||||||
| White Plains | 315 | 0 | 0 | 1,988 | |||||||||||||||
| Yonkers | 502 | 0 | 263 | 2,602 | |||||||||||||||
| Westchester County Villages | |||||||||||||||||||
