23 Mar

The number of Indian American-owned firms during 2007-2012 increased by 20 percent, but White American-owned firms decreased by five percent.

Credit: www.uscurrency.gov

In 2015, the household median income in the US was half as compared to that of an Indian American household. According to a report by the US Census Bureau, the median household income of Indian Americans was $103,821 in 2015. In comparison, the median household income in the US, overall, was $53,889.

The US Census Bureau report, titled Asian-American and Pacific Islander Heritage Month: May 2017,  was released on March 17, on the occasion of the Asian Pacific American Heritage Month (APAHM) in May.

The overall median income data for the year 2015 came from a separate report that is available on the Census Bureau’s website.

Source: US Census Bureau

The APAHM report concluded that the median income of households headed by the Asians alone or in combination population in 2015 was $76,260. But, within Asian households, too, an Indian American household’s median income was much higher. “Median household income differed greatly by Asian group. For Asian Indian alone, for example, the median income in 2015 was $103,821; for Bangladeshi alone, it was $49,515,” the report said.

Source: US Census Bureau

The report estimates the Indian American population was four million in 2015, which makes it the second largest Asian group. “The Chinese (except Taiwanese) population was the largest Asian group, followed by Asian Indian (4.0 million), Filipino (3.9 million), Vietnamese (2.0 million), Korean (1.8 million) and Japanese (1.4 million),” the report read.

Source: US Census Bureau

The steady increase in the number of Indian American-owned firms complements the aloft trend in income and population. In 2012, the number of Asian-owned firms in the US was 1.9 million. Impressively, the Asian American ownership has spiked up nearly 24 percent from 2007 till 2012. With similar intensity, the Indian American-owned firms showed a steady growth of 20 percent during 2007-2012. In 2012, Indian Americans owned 377,486 firms in the US, compared to 308,491 in 2007.

Source: US Census Bureau (Data Asian Indian-owned firms in 2007)

 

Source: US Census Bureau (Data on Asian Indian-owned firms in 2012)

The data indicates that the percentage of Indian American-owned firms to that of Asian-owned firms in the US did not change during 2007-2012. During this period, the Indian Americans owned nearly 20 percent of the total Asian-owned firms.

Interestingly, from 2007 to 2012 while the number of Indian American firms grew by 22 percent, the White American firms witnessed a decline of five percent.

Overall, the report indicates positive trends for Indian Americans in terms of income, population and entrepreneurial initiatives.

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