Economy

Savings, investment and racial wealth gap over generations

Wealth serves as a buffer through economic downturns, job loss, and other unexpected emergencies such the COVID-19 pandemic. In Charlotte, households of color are more than twice as likely to lack sufficient savings or assets that can be used to pay for basic needs for three months without income when compared to White households. The result: almost half of all Latinx and 44% of Black households wouldn’t be able to cover basic needs after three months. 

Three lessons our city should learn from COVID-19

The novel coronavirus is extracting a terrible toll from our society, replete with mind-boggling statistics: A death toll of more than 100,000, 40 million people unemployed, a 95% plunge in airline passengers and so many more. The losses are immense. Grief is immeasurable. It’s still unclear how far-reaching and deep the economic pain we’re facing will run.  Amidst that, however, the pandemic offers lessons, and opportunities for change. Here are three lessons surfaced by COVID-19 that we should not let fade even after the virus is under control.

The racial wealth gap: Business ownership & entrepreneurship

In Mecklenburg County, business ownership rates are proportionate to the racial and ethnic makeup of the county. But disparities persist: Although ownership is demographically proportionate, the majority of the economic value of business ownership is held in a small number of White-owned businesses. 

How jobs contribute to the racial wealth gap

Income is a major component of wealth, but the relationship between income and wealth is complex. Wealth and income are both used to measure a family’s economic situation, but they tell us different things about the health and strength of economic well-being.