What does this measure?
The amount of revenue brought into a community by self-employment, presented per working-age resident.
Why is this important?
Those who are self-employed provide value to their community and are a vital part of a community's economic structure. High levels of self-employment may indicate a favorable economic environment for small business owners and entrepreneurs, as well as provide insight into the composition of a community's economic profile.
How is our county doing?
Essex County had just over $6,000 in self-employment revenue per resident in 2014, an increase of over $200 per resident from the previous year. This is on par with the state and $700 higher per resident that the nation. Essex County's level was down 7% since 2000, compared to a 9% decline in the state and a 1% gain in the nation.
How do we compare to similar counties?
Westchester, NY's revenue per resident was much higher than Essex County in 2014, at $10,200 per resident. Middlesex, MA and Lake, IL were similar to Essex County, at $6,800 and $6,500 per resident, respectively. Middlesex experienced a decline similar to Essex County's from 2000 (-10%), while Lake and Westchester had smaller changes.
Notes about the data
Figures are in 2015 dollars. Data is from the U.S. Census Bureau. Census Bureau changed measurement criteria in 2008. Compare to earlier years with caution.