Number Of Asian-Owned Small Businesses Increases 40 Percent
The number of Asian-owned businesses increased 40.4 percent — more than twice the national rate — from 2002 to 2007, according to new data released from the U.S. Census Bureau. The data, which comes from the Survey of Small Business Owners conducted as part of the economic census every five years, shows that the number of Asian-owned businesses hit 1.5 million in 2007, and those businesses generated $507.6 billion in receipts, a 55.4 percent increase from 2002.
The survey provided information on businesses owned by seven Asian groups — Asian Indian, Chinese, Filipino, Japanese, Korean, Vietnamese and other Asian origin — and also looked at data on geographic area, size and industry of the businesses.
According to the data, California had the largest number of Asian-owned businesses with 509,097, followed by New York (196,852), and Texas (114,336). The cities with the largest number of Asian-owned businesses in 2007 were New York with 153,885, and Los Angeles with 61,607.
The survey also found that 44.7 percent of Asian-owned businesses in 2007 operated in the industries of repair and maintenance; personal and laundry services; professional, scientific and technical services; and retail trade.
Of the total Asian-owned businesses reported in 2007, those businesses employed 2.8 million people. There were 2,135 Asian-owned businesses with 100 employees or more in 2007, and 1.2 million reported businesses with no paid employees.
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