The economic clout of Asian Americans is being increasingly felt in California, reports the California Economic Summit.
“There’s over 600,000 API owned businesses in the state that represent sales and receipts of more than $182 million annually,” said said Gordon Hinkle, Director of Policy, Communications and International Affairs for the California Asian Pacific Chamber of Commerce. “The purchasing power saw the highest increase over the last 10 years, more than any other minority group.”
Asian owned businesses have a payroll of $182 million annually employing some 900,000 people.
“I don’t think people really understand the impact that Asian businesses have on the California economy,” said Bill Imada, Chairman and Chief Collaboration Officer for IW Group, Inc. “Have you ever been on YouTube? Two Asian Americans helped start it. Do your daughters shop? Well, Forever 21 was started by an Asian American in Los Angeles. Ever eaten at Wahoo’s Fish Tacos? An Asian American started that company too.”
You can read a closer look at the future of Asian American owned businesses and the probability they will expand in the California Economic Summit.