The Growing Role of Minority-Owned Businesses in the Bronx, New York

The Bronx is a vibrant and diverse borough of New York City, and its business landscape is no exception. Asian-owned businesses now make up nearly 23% of all businesses in the city, including 35% of all Queens businesses. This demonstrates the growing importance of minority-owned businesses to the economies of all counties, while also highlighting areas where more support is needed. The most popular majors in Bronx County, New York, are General Business Administration (26%), Management (1,534 and 8.97%), Social Work (1,271 and 7.43%), and Liberal Arts (926 and 5.42%).

The Bronx was originally part of Westchester County, but was ceded to New York County in two main parts (West Bronx, 1874 and East Bronx, 189) before becoming Bronx County. Car ownership in Bronx County is lower than the national average, with an average of 0 cars per household. The Bronx also has twelve community boards that advise on land use and municipal facilities and services for residents, businesses and local institutions. New York City's subway expansions have contributed to the increase in population, as thousands of immigrants have arrived in the borough, causing a major boom in residential construction. A recent study by the Federal Reserve Bank of New York suggests that the number of active black business owners in New York State has plummeted since February. This is an important warning sign that is consistent with the findings of CUF's own research, forums and events in recent months. Now that New York faces an economic crisis that has disproportionately harmed communities of color, it is essential to protect the recent achievements of minority-owned businesses while at the same time addressing current disparities to ensure a stable and inclusive recovery.

In the coming months, CUF will continue to examine the growing role of minority-owned businesses in the New York City economy and will develop additional recommendations to help support businesses that have been most affected by the current economic crisis and ensure an inclusive recovery. Explore business programs, financial solutions, and other opportunities to get the most out of business in New York City. Since its separation from New York County on January 1, 1914, the Bronx has had its own criminal court system and a district attorney who is directly elected by popular vote. The Bronx is a unique borough with a diverse population and a growing number of minority-owned businesses. It is essential to provide support for these businesses so they can continue to thrive during this difficult economic time. With proper guidance and resources, these businesses can help create an inclusive recovery for all communities in New York City.