ASIAN ECONOMIC DATA
Analysis of Asian Pacific American Businesses
GAACC released the first report on the Asian American businesses in the Austin-Round Rock Metropolitan Statistical Area in March 2016. This report, Asian American Businesses Exploding in Diversity and Numbers analyzes recently released data from the Survey of Business Owners conducted in 2012.
Highlights from this report are provided below and you can download the entire report here.
In 2012, there were 10,553 Asian American owned businesses in the MSA which produced $3.6 billion in total revenue. Of these businesses, 26.5 percent employed 21,915 people. The trade segment that shows the highest number of Asian American owned businesses is the professional, technical, scientific industry. There are 2,015 firms or 19 percent of the total. On the other hand, 28 percent of businesses did not fall in any category which suggests that Asian Americans are contributing to the economy in a wide variety of enterprises.
The survey provided data that was disaggregated into six different ethnic groups; Chinese, Filipino, Indian, Japanese, Korean and Vietnamese. The average revenue of all Asian American firms was $337,000 in 2012. However, this ranges from $162,000 among Filipino owned businesses to $623,000 for Indian owned enterprises.
From 2007 to 2012, the number of Asian American owned businesses surged in number from 7,314 to 10,553. This is a blistering growth rate of 44 percent in a five year period, and surpasses by far the 16 percent rise for all private businesses. All ethnic groups showed strong increases.
Based on survey data from 2007 and 2012, we calculate that Asian American businesses are growing by 7.5 percent annually. Using this rate, we estimate that there were about 14,000 Asian American owned businesses in Central Texas at the end of 2016. In 2022, we project that this figure will grow to 22,000.