2002 Survey of Business Owners Summaries of Findings

Survey of Business Owners - Other Asian-Owned Firms: 2002

SUMMARY OF FINDINGS

In 2002, there were over 89,000 Other Asian-owned firms in the U.S., employing over 160,000 workers, and generating over $24 billion in revenue. These Other Asian-owned firms accounted for 0.4 percent of all nonfarm businesses in the U.S., 0.1 percent of their employment, and 0.1 percent of their receipts.

The number of Other Asian-owned businesses grew by 26 percent between 1997 and 2002, and the revenues grew 28 percent.

The 2002 Survey of Business Owners (SBO) defines Other Asian-owned businesses as firms in which Asians who are not Asian Indians, Chinese, Filipinos, Japanese, Koreans or Vietnamese own 51 percent or more of the stock or equity of the business. The data in this report were collected as part of the 2002 Economic Census from a large sample of all nonfarm businesses filing 2002 tax forms as individual proprietorships, partnerships, or any type of corporation, and with receipts of $1,000 or more.

KIND-OF-BUSINESS CHARACTERISTICS

In 2002, 16 percent of Other Asian-owned firms operated in retail trade, where they owned 0.1 percent of all such businesses in the U.S.

Wholesale and retail trade accounted for 48.3 percent of all Other Asian-owned business revenue. Table A [xls, 19K] shows the industries accounting for the largest receipts for Other Asian-owned firms.

GEOGRAPHIC CHARACTERISTICS

California had the most Other Asian-owned firms with 23,732 firms or 26.6 percent, with receipts of $7.7 billion or 31.7 percent. New York was second with 13,573 firms or 15.2 percent, with receipts of $1.5 billion or 6.0 percent. Texas was third with 8,055 or 9 percent, with receipts of 2.7 billion or 11 percent. Table B [xls, 20K] shows the seven states with the largest number of Other Asian-owned firms and corresponding business revenues.

Table C [xls, 19K] shows the seven combined statistical areas with the largest number of Other Asian- owned firms and their corresponding business revenues.

DATA COMPARABILITY TO PRIOR SURVEYS

Table D [xls, 21K] provides a comparison of the 2002 and 1997 published data for Other Asian-owned firms and all U.S. firms. The table shows that when compared to all U.S. businesses,excluding publicly held corporations and firms for which race ownership is indeterminate, Other Asian-owned firms accounted for 0.4 percent of firms, 0.3 percent of employees and 0.3 percent of receipts.

The kind-of-business data for 2002 for Other Asian-owned firms are not comparable to 1997 due to the transition from the 1987 Standard Industrial Classification (SIC) system to the 2002 North American Industry Classification System (NAICS). Additional changes affecting data comparability are discussed in detail in Methodology, in the section titled "Comparability of the 2002 and 1997 SBO Data."