Revenues for Asian-Owned Firms Surpass $326 Billion.

The number of Asian-owned businesses grew 24 percent between 1997 and 2002, approximately twice the national average for all businesses. The 1.1 million businesses generated more than $326 billion in revenues, up 8 percent from 1997. This is according to a new report, released on May 16, 2006 by the U.S. Census Bureau.

Nearly half (47 percent) of all Asian-owned firms were Chinese-owned (290,197) and Asian Indian-owned (231,179). Korean-owned firms were the third largest at 158,031, followed by Vietnamese- (147,081), Filipino- (128,223) and Japanese-owned firms (86,863).

Almost 1-in-3 of all Asian-owned firms had paid employees. These 319,300 businesses employed more than 2.2 million people and generated revenues of nearly $291 billion.

Other highlights:

-In 2002, slightly more than 3-in-10 Asian-owned firms operated in professional, scientific and technical services as well as other services such as personal services, and repair and maintenance. These firms accounted for 6 percent of all such businesses in the United States.

-Wholesale and retail trade accounted for 47 percent of all Asian-owned business revenue.

-There were 49,578 Asian-owned firms with receipts of $1 million or more. These firms accounted for 4.5 percent of the total number of Asian-owned firms and nearly 68 percent of their total receipts.

-There were 1,863 Asian-owned firms with 100 employees or more, generating nearly $52 billion in gross receipts (18 percent of the total revenue for Asian-owned employer firms).

-California and New York accounted for 59 percent (170,547) of all Chinese-owned firms, 37 percent (86,494) of all Asian Indian-owned firms and 46 percent (73,466) of all Korean-owned firms.

-California and Texas accounted for 51 percent (74,634) of all Vietnamese-owned firms.

-California and Hawaii accounted for 54 percent (69,061) of all Filipino-owned firms and 65 percent (56,490) of all Japanese-owned firms.

-Forty-nine percent (35,224) of all other Asian-owned firms were located in California, New York and Texas.

-Los Angeles County, by far, had the largest number of Asian-owned firms in 2002 with 140,411 or 13 percent of all Asian businesses. These businesses generated $52.5 billion in receipts. Queens County, N.Y., was second (48,241), followed by Orange County, Calif., (46,015) and Honolulu County, Hawaii (35,376).

States With the Largest Number of Asian-Owned Firms: 2002

Counties With the Largest Number of Asian-Owned Firms: 2002

Cities With the Largest Number of Asian-Owned Firms: 2002

Asian Ownership of Firms by Detailed Group: 2002

The 2002 Survey of Business Owners (SBO) defines Asian-owned businesses as firms in which Asians own 51 percent or more of the stock or equity of the business.
Source: Census 2006

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