In late April, the U.S. Census Bureau released a detailed report on the growth of businesses owned by people of Asian origin between 2002 and 2007 – an analysis that is conducted every five years. In that time, the number of Asian-owned firms increased more than 40% to 1.5 million, while the sales at those businesses hit $507.6 billion.
The Bureau released similar reports on the state of Hispanic-owned firms and African-American owned firms in September 2010 and February, 2011, respectively.
Between 2002 and 2007, the number of Hispanic-owned businesses increased by 44%, to 2.3 million, according to the Census data. They generated $345.2 billion in sales in 2007.
Meanwhile, the number of African-American businesses increased by 60%, to 1.9 million, and pulled in $137.5 billion.
Asian businesses pack a punch when it comes to hiring, too. They employed 2.8 million workers in 2007 – the same as Hispanic-owned and African-American businesses combined.
Payrolls totaled $79.6 billion at Asian-owned firms, exceeding the collective $78.5 billion at Hispanic-owned and African-American firms, the Census data show.