McKinney November 2020

EXACERBATED INEQUALITY The Collin County Economic Opportunity Assessment analyzed historical data points, which found income inequality was on the rise in Collin County. O " cials expect these issues will worsen with the introduction of the COVID-19 pandemic. INEQUALITY

SMALL BUSINESSES Part of the study focused on the e " ects of COVID-19. Data from this report shows that in 2018 Collin County had more than 20,000 small businesses that employed fewer than 20 people. These businesses are at increased risk for falling behind due to the pandemic and may struggle to recover without targeted supports. AT RISK

Number of businesses in 2018

Number of employees

20

20,962

21-99

3,039

608

100-499

90

500+

COMPILED BY MIRANDA JAIMES ! DESIGNED BY CHELSEA PETERS

AFFECTED JOB SECTORS Per Texas Workforce Commission unemployment insurance claims as of August 2020, the industries most a ! ected by the pandemic include:

The following chart shows the percentage of households by race and ethnicity in Collin County with a net worth of zero or less, meaning their debt and expenses outweighed their savings, as of 2019.

• Full-service restaurants • Temporary help services

• Limited-service restaurants • Elementary and secondary schools

SOURCES: AMERICAN COMMUNITY SURVEY, PROSPERITY NOW ESTIMATES, COMMUNITIES FOUNDATION OF TEXAS, EVERY TEXAS, U.S. CENSUS BUREAU ! COMMUNITY IMPACT NEWSPAPER

Texas average

14.7%

industries most a # ected by the pan- demic, Texas Workforce Commission data shows. Lisa Hermes, CEO and president of the McKinney Chamber of Commerce, said this was the case in McKinney. “Retail, restaurants, hospitality— they were really the hardest-hit,” Her- mes said. The chamber began working to help these companies " nd informa- tion about loans and about available grants to keep them running and their employees in jobs, Hermes said. McKinney CityManager Paul Grimes said the pandemic has caused many local businesses to change the way they were operating. The city stepped in to help by o # ering grant programs for local businesses. Money from local and federal grants and loans helped alleviate revenue losses businesses experienced during the pandemic, Hermes said. Now, the chamber has shifted its e # orts toward rebuilding businesses and helping them operate safely. However, there is still concern about what could hap- pen next if COVID-19 cases continue to increase. “It’s really been a roller coaster of

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White

11.7%

Philanthropy O ! cer Sarah Cotton Nel- son said. The 44-page report, conducted by public policy nonpro " t Every Texan, was initially planned for release in April. It outlines Collin County’s eco- nomic status related to race and eth- nicity, income, educational attainment and wealth. The study’s authors used the six-month delay to craft a two-page addendum that gauges the e # ects of the pandemic. “It is our hope that the collective snapshot now presented can help us understandwhere there are challenges and opportunities,” Nelson said. Local industries a ! ected Before the pandemic, Collin County had a robust employment market, the study states. Business counts from early 2020 show more than 33,000 businesses operating in the county, with the service industry and retail businessesmaking up the bulk of those businesses, said Ann Beeson, who stepped down as CEO of Every Texan shortly after the report was released. Unfortunately, these were also the

Black

26.5%

Asian

9.3%

Latino

21.7%

In 2018, Latino residents in Collin County experienced poverty twice as much as any other group.

White 4.8%

Black 6.3%

Asian 7%

Latino 13.6%

From 2006 to 2017, those living at or below poverty level saw a decline in their in # ation-adjusted income, meaning the poorest households in Collin County are sinking deeper into poverty.

+5%

+4%

+2%

+2%

-6%

Low-middle

Middle

High-middle Top $ fth of household income

The bottom # fth of households lost 6% of their income, on average, from 2006 to 2017.

Bottom $ fth of household income

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