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Contact: Briana Kaya
Public Information Office
The number of U.S. businesses owned by people of Asian origin increased 40.4 percent to 1.5 million between 2002 and 2007, increasing at more than twice the national rate, according to U.S. Census Bureau data released today. These businesses also generated $507.6 billion in receipts, a 55.4 percent increase from 2002.
“Asian-owned businesses continued to be one of the strongest segments of our nation's economy, bringing in more than half a trillion dollars in sales in 2007 and employing more than 2.8 million people,” said Census Bureau Deputy Director Thomas Mesenbourg.
These new data come from the Survey of Business Owners: Asian-Owned Businesses: 2007. The survey provides detailed information every five years for Asian-owned businesses, including the number of firms, sales and receipts, number of paid employees and annual payroll.
The survey also presents data by geographic area (nation, state, county, city and metro area), industry and size of business. The data cover businesses owned by seven Asian groups — people of Asian Indian, Chinese, Filipino, Japanese, Korean, Vietnamese and other Asian origin. Preliminary national and state data were released in July 2010.
California had the largest number of Asian-owned businesses with 509,097, followed by New York (196,852) and Texas (114,336).
Among counties, Los Angeles had the largest number of Asian-owned businesses with 183,092, followed by Queens, N.Y. (68,606) and Orange, Calif. (63,416).
The cities with the largest number of Asian-owned businesses in 2007 were New York (153,885) and Los Angeles (61,607).
Metropolitan areas with the largest number of Asian-owned businesses were Los Angeles-Long Beach-Santa Ana, Calif. (246,429), New York-Northern New Jersey-Long Island, N.Y.-N.J.-Pa. (240,371), and San Francisco-Oakland-Fremont, Calif. (89,508).
The Survey of Business Owners defines Asian-owned businesses as firms in which Asian Indians, Chinese, Filipinos, Japanese, Koreans, Vietnamese or other Asians own 51 percent or more of the equity, interest or stock of the business. Additional data from the survey highlighting veteran-owned businesses will be released in May. Subsequently, separate data sets will be issued highlighting additional characteristics of all businesses and their owners.