Recent figures from the U.S. Census Bureau indicate that people of Asian origin in Alabama have a strong entrepreneurial spirit in the state, according to the State Data Center at The University of Alabama’s Culverhouse College of Commerce.
“These estimates are available only once every five years, for years ending in two and seven, and the estimates for the year 2007 have just now become available,” said Annette Watters, manager of the Center.
Receipts from Asian-owned businesses in 2007 topped $2.6 billion, higher than any other minority group, and the number of Asian-owned firms increased 63 percent in five years while receipts increased 80 percent.
Watters said, the number of black-owned businesses in Alabama almost doubled between 2002 and 2007 while receipts for black-owned firms increased 30 percent to $2.1 billion in 2007.
Alabama does not have as many Hispanic-owned businesses as it has black-owned businesses, but Hispanic businesses also increased dramatically. By 2007 there were 4,425, a 75 percent increase. Receipts for Hispanic businesses in the state topped the $1 billion mark in 2007, a 34 percent increase from 2002.
To recap, Asian-owned business had total revenues of $2.6 billion, black-owned business revenue was $2.1 billion and Hispanic-owned businesses just over $1 billion. Blacks comprise 26% of Alabama’s population, with Hispanics accounting for 3% and Asians just 1% of the total state population.
The total of these three categories, almost $6 billion and growing, accounts for a significant portion of our state’s total economy.