Wednesday, January 6, 2016

Economic Census Data Released Shows County’s Asian-Owned Businesses Increasing Faster than Other Minority-Owned Businesses

This data summary is Part 1 of 3 summaries on the Economic Census Survey of Business Owners released on December 15, 2015.

Frederick County’s percentage of minority Asian-owned businesses increased faster than any other ethnic group since 2007. According to the data from the Economic Census Survey of Business Owners conducted by the Census Bureau every five years released on December 15, 2015, Asian-owned businesses represent a 68.9% increase since the last Economic Census in 2007. Within that subset, Chinese-owned businesses represented a 302% increase.

While both Hispanic and Asian-owned businesses experienced a large increase from 2002-2007, in 2012 both ethnic groups increased slower compared to 2007 results. From 2007 to 20012, Black or African-American-owned businesses increased 5.6% and Hispanic-owned businesses increased 25.6% compared to 186.8% from 2002-2007 and 169.9% from 2002-2007, respectively.

Women-owned businesses increased at 8.2% from 2007-2012, compared to 45.8% from 2002-2007.