AALAC Press Release: Georgia Becomes 2nd Fastest Growing State for Asian-American Businesses
Georgia is the second fastest growing state for Asian American-owned businesses based on data released yesterday by the US Census Bureau from its 2007 Survey of Business Owners, provided twice each decade.
The number of Asian American-owned businesses in Georgia increased by 71.8% between 2002 and 2007, from 26,925 to 46,252 firms. Georgia’s Asian American-owned businesses grew four times faster than the national business growth rate of 18%. Georgia’s Asian American business growth was second only to Nevada and tied with Kentucky.
Asian American-owned businesses accounted for 6.5% of all metro-Atlanta firms and generated $14.6 billion in revenue in 2007. Interestingly, Asian Americans own 42% more businesses and generate more than twice as much revenue as Hispanic-owned businesses in Georgia despite a significantly smaller population.
In terms of total number of Asian American businesses in the nation, Georgia ranked 8th nationally while California ranked first with 509,670 firms. Asian Americans owned 1.6 million businesses nationwide in 2007, a 40.7% increase since 2002.
Within the local Asian American community, Vietnamese-Americans in Georgia owned the largest number of businesses, while Indian, Chinese and Korean-owned businesses generated the most revenue.
“These impressive numbers highlight just one of the myriad ways Asian Americans add value to our state,” said Helen Kim Ho, Executive Director of AALAC. “Asian American entrepreneurs provide a major boost to Georgia’s economy. In these difficult times, ill-conceived policies will choke the life out of our business community and cost us jobs.”
Georgia Business Survey in 2007:
- Total Firms: 901,281 firms
- Total Receipts: $923.75 billion
- Total Asian-owned Firms: 46,252 firms
- Vietnamese-owned Firms: 12,452
- Indian-owned Firms: 12,038
- Chinese-owned Firms: 7,863
- Korean-owned Firms: 7,078
- Other Asian-American Firms: 4,973
- Japanese-American Firms: 1,362
- Filipino-American Firms: 955
- Total Asian-owned Receipts: $14.6 billion
- Indian-owned receipts: $7.3 billion
- Chinese-owned receipts: $2.37 billion
- Korean-owned receipts: $2.33 billion
- Other Asian-owned receipts: $1.65 billion
- Vietnamese-owned receipts: $676 million
- Japanese-owned receipts: $184 million
- Filipino-owned receipts: $127 million
The Asian American Legal Advocacy Center, Inc.’s mission is to protect and promote the civil, social and economic rights of Asian Americans in Georgia and the Southeast through public policy, legal education, community organizing and leadership development. AALAC’s vision is a social movement in the Southeast where individuals are fully empowered, actively engaged in civic life, and working together to promote equity and fair treatment for all. To learn more, visit www.aalegal.org.