Asian owned businesses include people whose origins are Asian Indian, Chinese, Filipino, Japanese, Korean, Vietnamese and other Asian origin groups. According to the Survey of Business Owners, the number of Asian owned businesses increased by 40.4% between 2002 and 2007, and their earnings increased by 55.4%.
There were 1.5 million Asian businesses and generated $507.6 billion in revenue at the latest census, which was conducted in 2007. They now comprise 5.7% of all small businesses in the US.
Between 1982 in 2007, the number of Asian owned businesses increased by 545%, second only to Latino owned businesses, which increased by 696%.
Businesses owned by African Americans increased by 523% over the same time frame. Geographically, Asian owned businesses are most heavily concentrated in California, followed by New York and then Texas.
Profile of Asian Federal Contractors
The Gazelle Index conducted a study of minority-owned businesses that are registered with the federal government. The profile indicates that while Asian firms comprised 5.7% of all small businesses in the US, they represented 10.3% of the federal government contractors. Specifically, Asian and Pacific Islanders comprised 6% of contractors while Subcontinent Asians comprised 4.3%.
Firms owned by Asian and Pacific Islanders were most heavily concentrated in professional, scientific and technical service industries (36.3%). Likewise, firms owned by Subcontinent Asians were even more heavily concentrated in this industry, 46.6%. The next field having a high concentration of Asians was computer and electronic manufacturing, where 12.8% of Asian and Pacific Islanders and 11.9% of Subcontinent Asians operated.
The field in which Asians represented the largest share of all government small business contractors was Internet publishing, telecommunications and Internet service providers, 19.10%. This was followed by computer and electronic manufacturing, 14.9%; and professional, scientific and technical services 13.3%.
The average earnings of Asian and Pacific Islander owned firms was $2.8 million, while it is $2.7 million for firms owned by Subcontinent Asians. The largest revenue for both groups was in Internet publishing, telecommunications and Internet services, where they earned on average over $8 million annually.
All figures above are compiled for the year 2007.
INDUSTRY CONCENTRATION OF ASIAN SMALL BUSINESS FEDERAL CONTRACTORS
ASIAN SMALL BUSINESSES SHARE OF FEDERAL CONTRACTORS BY INDUSTRY
ASIAN SMALL BUSINESSES AVERAGE REVENUE BY INDUSTRY