There are more Hispanic-owned businesses than Asian-owned businesses. Likewise, there are more black-owned businesses than Asian-owned businesses. But the total sales at Asian-owned businesses exceeds the combined sales at black-owned and Hispanic-owned businesses.
Last week, the U.S. Census Bureau released a detailed report on the growth of businesses owned by people of Asian origin between 2002 and 2007 - an analysis that is conducted every five years. In that time, the number of Asian-owned firms increased more than 40% to 1.5 million, while the sales at those businesses hit $507.6 billion.
The Bureau released similar reports on the state of Hispanic-owned firms and black-owned firms in September 2010 and February, 2011, respectively.
Between 2002 and 2007, the number of Hispanic-owned businesses increased by 44%, to 2.3 million, according to the Census data. They generated $345.2 billion in sales in 2007.
Meanwhile, the number of black-owned businesses increased by 60%, to 1.9 million, and pulled in $137.5 billion.
Asian businesses pack a punch when it comes to hiring, too. They employed 2.8 million workers in 2007 - the same as Hispanic-owned and black-owned businesses combined.
Payrolls totaled $79.6 billion at Asian-owned firms, exceeding the collective $78.5 billion at Hispanic-owned and black-owned firms, the Census data show.