Asian Americans, as of 2014, constituted the fastest growing ethnic and racial minority group in the United States, with over 40 percent of all immigrants being of Asian origin. This community forms a little over 5 percent of the total population of the country and is expected to grow to over 8 percent in coming 50 years. They are, on an average, well-educated and employed. How important is this ethnic group to the US economy today?
Have Asian Americans impacted US economy in a big way?
Asian Americans as a whole seem to be doing pretty well for themselves in the country, with the average income of this group being higher than the majority. A good majority of Asians work in tech related jobs in Silicon Valley and elsewhere. Among Asians, the Indian, Korean, Anglo and Chinese communities seem to be doing exceptionally well financially for themselves.
This ethnic group can be found in major towns and cities that are high up economically. Be it the tech hub of Silicon Valley, the manufacturing hubs in Seattle and Detroit or the global service centers in New York, Asians now live in some of the most economically advanced parts of the United States. Asians are not only working in high paying jobs; they are also investing in businesses. Both of these considered together have had a huge impact on the American economy, with the impact only increasing over the years. Asian Americans are now shaping the country’s economy and are important contributors to the global financial standing of the United States.
Was the Asian American community badly affected during the recession?
The Asian American labor force, given how large it is in the United States, seem to have been left relatively untouched by the recession of 2007. With a small dip in between, this ethnic group has been doing consistently well for themselves financially. The community as a whole has an employment rate of over 60 percent, with Indians and Filipinos having the highest employment rates within the community, at close to 65 percent each. Filipinos have a bigger women employment share as compared to other Asians in the group.
Overall, the Asian American community in the country seems to be doing exceptionally well for itself. Not only that, the community is actively investing in the American economy. It has slowly but surely become one of the most economically important minorities in the United States.