The Racial Wealth Gap is Widening

Jan 17
Brookings Metro

January 11, 2024

A Black family gathers together in a kitchen to talk.

Black wealth is increasing, but so is the racial wealth gap


New Federal Reserve data shows an across-the-board increase in wealth for all the nation’s racial groups from 2019 to 2022. However, the racial wealth gap expanded during this period. By 2022, for every $100 in wealth held by white households, Black households held only $15. Andre M. Perry, Hannah Stephens, and Manann Donoghoe detail the stubborn persistence of the nation’s racial wealth gap, the differences in the sources of wealth accumulation for white and Black families, and the structural solutions that can bring us closer to racial wealth equity.


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The CHIPS and Science Act is a landmark workforce opportunity 


The $250 billion CHIPS and Science Act is mostly known for its unprecedented investment to boost semiconductor manufacturing across the United States. Less recognized are the law’s many programs that support STEM-related education, training, and outreach, particularly for jobs that don’t require a bachelor’s degree. The act marks a pathbreaking effort to integrate economic development with workforce development, but maximizing its impact will require careful coordination and funding from federal, state, and local leaders, Martha Ross and Mark Muro emphasize.


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Join us for an event 


Investing in all of America: The Biden-Harris administration’s place-based approach 

Monday, January 22, 2024, 1:00 PM – 2:00 PM EST


Since taking office, the Biden-Harris administration has launched a multitude of place-based programs targeting investment into communities that have often been left behind. On January 22, Brookings Metro will host White House National Economic Advisor Lael Brainard for a discussion on the importance of this recent surge of place-based policy.


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America’s parking evolution 

Tuesday, January 16, 2024, 4:00 PM – 5:00 PM EST


Next week, Brookings Metro will host a wide-ranging discussion on the past, present, and future of parking in America’s cities and suburbs. Henry Grabar, a staff writer at Slate, will share insights from his new book, "Paved Paradise: How Parking Explains the World," which details how the endless expansion of parking has worsened issues such as housing affordability and climate change, and what can be done to remedy it. Metro Senior Fellow Adie Tomer will then host a panel discussion with Grabar, Rachel MacCleery of the Urban Land Institute, and Harriet Tregoning of the New Urban Mobility Alliance that will explore promising solutions to the parking crisis. 


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More from Brookings Metro


Immigration is driving modest post-pandemic population growth. December saw the release of the latest Census Bureau population statistics, which recorded a small uptick in the nation’s growth rate as it moves out of the lows of the prime pandemic period. William H. Frey unpacks these statistics, finding that international migration to the U.S. drove this modest growth, alongside somewhat higher levels of natural increase (the excess of births over deaths). As the nation’s population continues to age, this analysis underscores the importance of immigration in maintaining future national growth.


A governance framework for regions competing for Tech Hubs and other new federal investments. The Economic Development Administration’s Regional Technology and Innovation Hubs (“Tech Hubs”) program represents an unparalleled opportunity for U.S. regions to build up local innovation ecosystems as they compete for millions of dollars in federal place-based grants. But to successfully capitalize on this opportunity, local leaders will need to craft a governance framework that ensures collaboration and cohesion across a diverse coalition of regional institutions and stakeholders. Francesca Ioffreda, Joseph Parilla, and Glencora Haskins offer principles for such a framework to help guide competitors for Tech Hubs and other new place-based federal investments. 


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