Indian owned U.S. businesses rake in $150 billion
Date: Monday , June 06, 2011
Owning nearly a fifth of 1.5 million non-farm U.S. businesses owned by Asians operating the U.S. in 2007, Indians raked in over $150 billion in revenue, according to a new survey. With their number going up by over 40.4 percent since 2002, these Asian-owned firms accounted for 5.7 percent of all non-farm businesses in the U.S., employed 2.8 million persons and generated $507.6 billion in receipts. Of them Asian Indians owned 308,514 firms , with receipts of $152.5 billion, according to the U.S. Census Bureauís 2007 Survey of Business Owners (SBO), released last week. Asian-Indian owned businesses recorded a growth of 38.2 percent.
Among Asian Indian-owned U.S. firms, 48.9 percent were in the professional, scientific, and technical services; the retail trade sector; and the health care and social assistance sector. Asian Indian-owned U.S. firms accounted for 1.7 percent of all U.S. businesses in these sectors. Retail trade, wholesale trade, and professional, scientific, and technical services accounted for 59.1 percent of Asian Indian-owned business revenue.
California had the largest number of Asian Indian-owned firms at 58,995 , with receipts of $29.1 billion. New York and Texas were next with 47,760 and 27,748 Asian Indian-owned firms respectively, with receipts of $17.2 billion and $14.0 billion respectively.
Among U.S. countries, Los Angeles County, California, and Queens County, New York, had the largest numbers of Asian Indian-owned firms in 2007 at 16,730 and 16,324 respectively. The metropolitan statistical areas with the largest number of Asian Indian-owned firms were New York-Northern New Jersey-Long Island, New York-New Jersey-Pennsylvania (64,457); Los Angeles- Long Beach-Santa Ana, California (23,151); and Chicago-Naperville-Joliet,Illinois-Indiana-Wisconsin (17,362).
ďAsian-owned businesses continued to be one of the strongest segments of our nationís economy, bringing in more than half a trillion dollars in sales in 2007 and employing more than 2.8 million people,Ē said Census Bureau Deputy Director Thomas Mesenbourg. Among all Asian-owned businesses, Asian Chinese-owned businesses accounted for 27.3 percent; Filipino, 10.5 percent; Japanese, 7.0 percent; Korean, 12.4 percent; Vietnamese, 14.8 percent; and other Asian, 9.9 percent.