The Rise of Asian-Owned Businesses in Massachusetts: Data from the 2002 Economic Census Survey of Business Owners

Asian-owned businesses are following a very rapid growth trajectory in Massachusetts. In fact, Asian-owned firms increased by 44 percent in Massachusetts from 1997 to 2002. This growth is nearly double the national gain of 24 percent for all Asian-owned firms in the United States. Moreover, during the same time period, the number of all firms in the state expanded by only five percent. Similar comparisons can be made when looking at sales and receipts and number of paid employees. From 1997-2002, Asian-owned businesses in Massachusetts experienced an increase in sales and receipts of 20 percent. This was over three times greater than the increase for all firms in the Commonwealth. The growth in the number of paid employees in Asian-owned firms was also three times greater than the six percent increase for all firms in Massachusetts. Asian-owned businesses are located throughout the state. The top ten locales for Asian-owned businesses are bracketed by Boston in first place and Malden in the tenth slot. Boston is home to nearly three thousand Asian-owned firms and Malden is home to 385 such firms