Business & Economy

Latest US census figures show boom in Asian-owned businesses

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The latest U.S. Census figures show Asian-owned businesses are one of the hottest segments of the American economy.

From 2002 through 2007 – the period covered by the new census figures – the number of U.S. businesses owned by people of Asian origin increased more than twice as fast as the overall national rate.

They were up more than 40 percent to 1.5-million Asian-owned businesses.

The census bureau’s survey of business owners shows California had the largest number of Asian-owned businesses at more than a half-million.

New York and Texas were next in line.

California counties also ranked high on the list. Los Angeles County came in first nationally. Orange County – home to one of largest Vietnamese populations outside of Vietnam – ranked third.

Among cities, New York was first with L.A. second.

Census bureau officials say it shows that Asian-owned businesses in the US have helped the economy, employing nearly 3-million people - and bringing in more than a half-trillion dollars in sales.