Economic Equity

The vast economic gap that exists nationally between the races underscores the distance we must travel to achieve true equality. Whether in income, assets, ownership or investment, the communities of color lag behind their white counterparts.

Consider these facts:

• People of color own homes at half the rate of the white community.
• The unemployment rate for people of color is double the national average.
• Net assets are one fifth the national average for African Americans.
• More than 50,000 residents in Detroit do not utilize traditional banking services.

In 2001 the median net worth in the U.S. for Latinos was $11,450, for African-Americans it was $19,000 and for whites $120,900. In the area of home ownership 72.4% of whites own their own home compared to 47.4% of people of color.

New Detroit is working to uncover the root causes and remedy the situation through the development of initiatives that address the core issues and provide sustainable and measurable results that result in economic equity.

New Detroit believes that a comprehensive understanding of personal finances is an essential component to closing the household wealth gap.

New Detroit is committed to strengthening the business relationship between major corporations and minority owned businesses.

Camp Enterprise is a competitive four-day business planning experience for rising junior and senior high school students held on the campuses of Michigan State University and The University of Michigan.