Asian Americans
Important Asian American & Pacific Islander Information
A Growing Part of Philadelphia’s Economy
According to a January 2022 U.S. Census estimate, 7.8% of Philadelphia’s 1.6 million residents are Asian, and 11% of the city’s small businesses are Asian-owned. Philadelphia has 12.1 businesses per 1,000 residents, but within the Asian community, that figure is significantly higher — 30 firms per 1,000 Asian residents (Central Philadelphia Development Corporation, August 2020).
National Impact
A 2022 Goldman Sachs research report found that Asian Americans contributed 23% of U.S. private sector output growth from 2003–2019, adding $1.5 trillion in GDP. During the same period, Asian Americans drove 22% of U.S. employment growth, despite making up just under 6% of the population in 2019.
In 2019 alone, AAPI households earned over $783.7 billion in income, paying $167.9 billion in federal taxes and $72.5 billion in state and local taxes. Although Asian Americans make up only 5.8% of the U.S. population, they contribute 7.7% of all federal income tax and hold 6.8% of the nation’s total spending power.
However, the popular “model minority” stereotype overlooks the economic challenges faced by smaller AAPI groups and communities.
Diversity in Philadelphia’s Asian Business Community
Philadelphia’s Asian-owned businesses span a wide variety of industries and cultural backgrounds — including Indian, Chinese, Korean, Japanese, Filipino, Vietnamese, Cambodian, Thai, Burmese, Indonesian, Pakistani, and Laotian enterprises. This rich diversity fuels innovation, strengthens the workforce, and plays a key role in the city’s socio-economic growth.
The Impacts of COVID-19
The pandemic disproportionately affected Asian-owned businesses in industries like restaurants, retail, beauty services, and hospitality. In Philadelphia’s Chinatown, revenues fell by 40% within a year of lockdowns, forcing closures of long-standing businesses such as Rangoon Restaurant and T.T. Skewer. Challenges included:
- Staff shortages and supply chain disruptions
- Rising costs for goods and produce
- Fluctuating COVID-19 restrictions
- Increased anti-Asian hate incidents
- Public safety concerns and high taxes
These factors made it difficult for many AAPI-owned businesses to remain open, contributing to significant economic loss for the community.
Additional Informational Resources
- Nielsen Engaging Asian American Consumers at the Dawn of a New Decade
- 23 Chinese restaurant owners sue Philly in U.S. court, allege discriminatory night-closing enforcement
- Commonwealth of Pennsylvania Disparity Study 2018
- 2010 Census Brief
- The Rise of Asian Americans
- Asian Owned Business Growth
- Penn State Survey: Asians in Pennsylvania
- Asian American Contributions to U.S. Economy
The Asian American Chamber of Commerce of Greater Philadelphia offers various membership levels to connect, support, and promote Asian-owned businesses.
