The ABC Data Exchange
Businesses
and Jobs
Employment and business ownership are key drivers to building and maintaining assets.
Employment and owning a profitable business with strong revenue are key ways to create an income that promotes the creation and maintenance of assets.
The measures on this page highlight the average value of businesses based on annual receipts and the level of unemployment in the adult population, two key areas in business and jobs that impact asset building.
Major Findings
The unemployment rate decreased significantly from its peak in 2012.
Major disparities were present in the value of businesses by race/ethnicity of the business owner.
Unemployment
Unemployment, according to the OECD (Organisation for Economic Co-operation and Development), is persons above a specified age (usually 15) not being in paid employment or self-employment but currently available for work during the reference period.
Unemployment is measured by the unemployment rate, which is the number of people who are unemployed as a percentage of the labor force (the total number of people employed added to those unemployed).
Unemployment can have many sources, such as the following:
- new technologies and inventions
- the status of the economy, which can be influenced by a recession
- competition caused by globalization and international trade
- policies of the government
- regulation and market
Data Visualization
Unemployment (Forsyth County, 2021)
Use the dropdown menu below to view data on different groups.
Key Takeaways
Overall, unemployment decreased from a peak in 2012.
Unemployment peaked in 2012 in Forsyth County at around 13% and decreased to about 6% in 2021.
There were disparities in unemployment rates by race/ethnicity.
About 10% of Black residents experienced unemployment in 2021, compared to about 4% of White and Hispanic/Latino residents.
Unemployment rates were highest for residents with the lowest incomes.
Residents who live in households with incomes under $20,000 had an unemployment rate of 16% compared to 2% of residents who live in households with an income greater than $100,000.
Unemployment rates were not significantly different by sex in 2021.
Data Notes
Unemployment
Data Notes:
The margin of error for the Hispanic/Latino estimate in 2012 is high and should be interpreted with caution. Similarly, the margin of errors for those who live in households with incomes $20,000 or less for the years 2009 and 2014 are high and should be interpreted with caution.
Data Source(s):
2009-2019, 2021 American Community Survey, 1-Year Public Use Microdata Samples. U.S. Census Bureau, 2021.
Business Value
Business ownership is a fundamental engine for wealth creation and the value of businesses, measured in annual revenue, can demonstrate the extent of the profitability of the business and the potential for wealth creation [1].
The measure included here is the average business value determined by annual receipts and business ownership is defined as Business ownership by race/ethnicity is defined as a business in which White workers or workers of color own 50% or more of the equity, interest or stock of the business. View data notes for this measure. View data notes for this measure.
Data Visualization
Business Value (Forsyth County, 2017)
Use the dropdown menu below to view data on different groups.
Key Takeaways
There were major disparities in business value by race/ethnicity in 2017.
White business owners had an average value of $2,637,738, compared to a value of $660,897 and $1,721,463 for Hispanic/Latino and Black business owners.
Data Notes
Business Value
References
Data Source(s)
- “Business Value by Race, Employer Business,” Prosperity Now Scorecard (Washington, DC: Prosperity Now, 2021). Data Source: https://scorecard.prosperitynow.org/data-by-issue#finance/localoutcome , Retrieval date December 13, 2022.
About the ABC Data Exchange
Data Notes
Educational Attainment
References
- Haskins, R. (2011). Fighting poverty the American way. Anti-Poverty Programs in a Global Perspective: Lessons from Rich and Poor Countries, Social Science Research Center, Berlin, [Record of a Symposium]. June 20-21, 2011. Berlin, Germany. Retrieved from https://www.brookings.edu/wp-content/uploads/2016/06/0620_fighting_poverty_haskins.pdf
- Acs, G. (2011). Downward mobility from the middle class: Waking up from the American dream. Retrieved from http://www.pewtrusts.org/~/media/legacy/uploadedfiles/pcs_assets/2011/middleclassreportpdf.pdf?la=en
- Furchtgott-Roth, D., Jacobson, L., & Mokher, C. (2009). Strengthening community colleges’ influence on economic mobility. Retrieved from http://www.frbsf.org/economic-research/files/Jacobson.pdf
- Sharkey, P., Bryan, G. (2013). Mobility and the metropolis: How communities factor into economic mobility. Retrieved from http://www.pewtrusts.org/~/media/legacy/uploadedfiles/pcs_assets/2013/mobilityandthemetropolispdf.pdf
- Ross, C., & Wu, C. (1995). The links between education and health. American Sociological Review, 60(5), 719-745. Retrieved from http://www.jstor.org/stable/2096319
- Lochner, L. (2007). Education and crime. Retrieved from http://economics.uwo.ca/people/lochner_docs/educationpolicycrime_nov12.pdf
Data Source(s)
- 2009-2019 American Community Survey, 1-Year Public Use Microdata Samples. U.S. Census Bureau, 2020.
Welcome to the ABC Data Exchange (ABCDE), part of the Asset Building Coalition's website. This resource is made up of six interconnected web pages which, together, offer in-depth data and context on the issue of Asset Poverty in Forsyth County, North Carolina.
The landing page of the ABCDE introduces the issue of Asset Poverty, and the impact it has on individuals and families in our community. Five additional, topic-specific data deep dive pages offer a broader range of data and contextual information.
The Asset Building Coalition's purpose and goals in producing this web-based resource are to:
- Build a hub of local information on financial wellbeing and asset poverty to be used as a tool for community stakeholders.
- Educate and raise awareness locally about asset poverty, its upstream causes, and the effects it has on individuals and our community overall.
- Highlight key issues, challenges, and disparities among core measures of asset poverty to catalyze local conversations about innovative and equitable solutions.
The Asset Building Coalition has produced this content in partnership with Forsyth Futures, a registered 501(c)(3) organization that provides action-oriented data analysis and reporting services to organizations within Forsyth County. If you have questions about this content, please contact [email protected].
Some measures in the ABC Data Exchange are based on modeled estimates
Some measures contained in the Data Exchange use estimates that are not solely based on local data. These estimates use local demographic and other information to predict local estimates based on analyst modeling of state-level data. That is, estimates are calculated at a state level that is then adjusted to local demographics.
Specific measures that are based on modeled estimates are clearly labeled within the data exchange.
The Impact of COVID-19
In 2020 and 2021, the COVID-19 pandemic dramatically reshaped how our community functions and it disrupted many aspects of our day-to-day lives. Many people experienced impacts to health and safety, increased stress, and many lost some or all of their ability to earn income. These and many other impacts on our community have tested our resolve, impacted our well being, and almost certainly changed the circumstances around our financial wellbeing in ways we don’t yet understand.
All of the data contained in this web-based informational resource is pre-pandemic; for more specific information, view the data notes that are available for each measure. These measures will be updated with 2020 data in late 2021, once that data becomes available.
If you have questions about the data contained in this informational resource, please contact [email protected].