2002 SBO Asian-Owned Businesses News Conference
U.S. Department of Commerce
May 16, 2006
Remarks of Ronald N. Langston
National Director Minority Business Development Agency
Good Afternoon. I’m Ron Langston, National Director of the Minority Business Development Agency and I am delighted to be here this morning with the U.S. Census Bureau and the U.S. Pan Asian American Chamber of Commerce.
Thank you Ewen (Dr. Wilson) and Valerie for presenting the data. Hello Anthony (Mr. Yu). I’m glad you could call in and join us. I hope all is going well at your conference in Chicago.
Today’s press conference is the third in a series of press conferences that MBDA has conducted with the Census Bureau. And, like the previous two, we have good news about the state of minority business enterprises in the United States.
As you have heard, Asian American-owned businesses have grown more than twice the national average for all businesses. They generate over $326 billion in revenue and;
They employ more people than any other group of minority business owners. Two-point-three (2.3) million people work at Asian-owned firms in the United States!! This is 48 percent of all workers employed by all minority-owned firms.
In addition to the good news put forth by the Census Bureau, there are other indicators that our national economy continues to expand at a healthy rate.
- the American economy grew at a pace of 4.8 percent in the first quarter of 2006;
- 138,000 jobs were created last month; and
- both personal income increased (0.8 percent), and disposable personal income increased (0.8 percent) in March.
The Bush Administration's pro-growth economic policies have created the right conditions for our vibrant economy. And our nation’s minority-owned firms are a contributing factor behind this economic growth.
Asian American entrepreneurs, particularly, have approached business ownership with a quiet ambition and a dedicated network of family and business partnerships. They have embraced the American dream and carved out a path of economic success.
The President’s goal is to keep the country strong by creating economic opportunities so the entrepreneurial spirit of the American people can flourish.
Looking ahead, I am confident that the President's plans on competitiveness, taxes, and trade will maintain this economic growth.
On behalf of Secretary Carlos M. Gutierrez and President George W. Bush . . . . Thank you.