The COVID-19 pandemic and its financial impacts also continues to affect businesses nationwide. Rochester Mayor Malik Evans said inflation has had an effect on all mayors around the country.
“The cost of materials has gone up exponentially,” Evans said. “So if you have the government, us building a particular corridor or any of our old buildings that we are revitalizing, we have to factor in rising costs, which has a major impact on the budget.”
Census Bureau data shows that American entrepreneurship as a whole regardless of race has been on the rise since 2021.
In the wake of the pandemic, Black households continue to face wealth inequalities compared to white households. According to the Brookings Institution, in 2019, the median white household held nearly eight times more wealth than the typical Black household.
The National Convening of Mayors lasts until Friday. According to a release, Philadelphia is the second largest city for a majority diverse population, including 42.2% African Americans. Yet, it has the lowest black owned businesses per capita rate of any major US city, at 1.8 black owned businesses, per every 1,000 Black residents.