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There's little doubt that Asian-owned businesses will be crucial to New York City's economic recovery from the COVID-19 pandemic. Prior to the pandemic, there were more than 47,000 Asian-owned firms across the five boroughs, nearly a quarter (23 percent) of all businesses citywide. And during the previous five years, the number of Asian-owned firms in the city increased by 14.3 percent—nearly double the increase among white-owned businesses (8.6 percent) and all minority-owned businesses (7.4 percent).
But Asian-owned small businesses across the city have been especially hard-hit during the past 19 months. Some have experienced catastrophic declines in sales due to the economic hardship facing residents in their communities, others in neighborhoods like Manhattan's Chinatown have also struggled as the number of tourists and office workers plummeted, and many have also been impacted by the increase in anti-Asian violence. This forum shined a spotlight on New York's Asian-owned businesses at a pivotal moment in the city's ongoing recovery and discussed what public and private sector leaders should do to bolster this vital part of New York's economy for the long term.
This symposium was made possible through generous support from HSBC. We are also grateful for general support from The Clark Foundation, the Bernard F. and Alva B. Gimbel Foundation, the Altman Foundation, and ongoing support from a number of other philanthropic funders.
Center for an Urban Future is a catalyst for smart and sustainable policies that reduce inequality, increase economic mobility, and grow the economy in NYC.
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