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 under $7,900 in self-employment revenue per resident in 2019, an increase of over $180 per resident from the previous year. Essex County's self-employment revenue is higher than the state and over $1,000 higher per resident than the nation. Essex County's level was up 6% since 2000, compared to a decrease of 2% in the state and a 11% increase in the nation.
How do we compare to similar counties?
Westchester, NY's revenue per resident was much higher than Essex County in 2019, at $12,500 per resident followed by Middlesex, MA at $8,400. Lake, IL was similar to Essex County, at $7,600 per resident. Middlesex experienced a decline from 2000 similar to the state, while Lake, IL had a 4% increase and Westchester, NY increased 6%.
Notes about the data
Figures are in 2021 dollars. Data is from the U.S. Census Bureau. Census Bureau changed measurement criteria in 2008. Compare to earlier years with caution.