IE Business Daily Business news for the Inland Empire.
Asian-owned businesses in the Inland Empire accounted for 11 percent of the regions’s business revenue between 2007 and 2012, according to data released Thursday.
That was less than the state of California – 15.1 percent – but well above the United States, in which Asian-owned businesses produced 5.8 percent of the business revenue generated during that time, the UC Riverside School of Business Administration Center for Economic Forecasting and Development reported in a study.
The report also found that per-firm revenue at Asian-owned businesses in the Inland Empire exceeded average revenue at all businesses in the area by more than $20,000, or 6.6 percent.
“This segment of the business population has significantly outperformed the norm in terms of establishment growth and establishment size, as measured by revenue per firm,” said Robert Kleinhenz, the research center’s executive director and one of the report’s lead authors, in a statement. “Some of the growth may have been spurred initially by the recession, but the numbers we’re seeing indicate that this group of business owners is truly thriving.”
The study, which is based on data from the U.S. Census Bureau, found that revenues at Asian-owned businesses grew by nearly 40 percent in the Inland Empire and by nearly 30 percent in California during the period studied.
By comparison, revenues at all businesses in the Inland Empire grew 9.1 percent during that time, California’s businesses grew 8.2 percent and all businesses in the United States grew their revenue by 9.3 percent, the report noted.
