Atlanta (pictured); Raleigh, North Carolina; and Washington, D.C. are the top-three cities where African-Americans are doing the best economically, according to a recent report by Forbes. Richmond ranked eighth. The magazine analyzed home ownership, entrepreneurship (measured by the self-employment rate) and median household income in compiling the list of 10 cities.
There remains a huge gap in the earnings compiled by Black and Whites in the country, with the average median income of a Black household resting at $34, 598. The Black unemployment rate sits at 10.4 percent, double that of unemployed Whites, according to reports issued last December. Despite those grim numbers, several major cities across the nation have seen a resurgence among Black workers and thus places a positive spin on the economic future of that demographic.
More from Forbes:
We decided to look in to which of America’s 52 largest metropolitan areas present African Americans with the best opportunities. We weighed these metropolitan statistical areas by three critical factors — homeownership, entrepreneurship, as measured by the self-employment rate, and median household income — that we believe are indicators of middle-class success. Data for those is from 2013. In addition, we added a fourth category, demographic trends, measuring the change in the African-American population from 2000 to 2013 in these metro areas, to judge how the community is “voting with its feet.” Each factor was given equal weight.
One of the most noticeable trends of the report is that the South is comprised of cities and metropolitan areas that offer the best opportunities for Black residents.
In the Forbes survey, 13 of the 15 metro areas captured were in the South.
Read more about the Forbes report here.
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Richmond No. 8 In Top Cities For Black Economic Success was originally published on newsone.com