MERIC NEWS LETTER

Number of Asian-Owned Firms Increases by 32 Percent

There were 6,386 Asian-owned firms in Missouri in 2002, up from 4,834 in 1997, according to recently released data from the U.S. Census Bureau's 2002 Survey of Business Owners. This was a 32.1 percent increase in the number of Asian-owned firms in the state. These firms accounted for nearly $2.0 billion in sales and receipts in 2002.

In the U.S., there were 1.1 million Asian-owned firms in 2002, up 23.7 percent from 1997. Sales and receipts from Asian-owned firms totaled $343.3 billion in 2002. Asian-owned firms made up 4.8 percent of all firms and 1.5 percent of all sales and receipts in the U.S.

States with the largest number of Asian-owned businesses were California (372,221), New York (145,626), Texas (78,018), New Jersey (51,974), and Hawaii (44,980). In addition, California also had the largest gross sales from Asian-owned firms. Missouri ranked 25th among the states in the total number of Asian-owned firms.

Only California, New York, Texas and New Jersey have more than 50,000 Asian-owned businesses. Twenty-five states had fewer than 5,000 Asian-owned firms in 2002.

States with the highest percentage of Asian-owned businesses, as a percent of all firms, were located mostly on the east and west coasts of the United States. States with the largest percentage of Asian-owned businesses were Hawaii (45.3 percent), California (12.8 percent), New York (8.5 percent) and New Jersey (7.3 percent). In Missouri, Asians owned 1.5 percent of all firms in 2002, up from 1.2 percent of all firms in 1997.

Source: U.S. Census Bureau, Survey of Business Owners

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