MIDWEST REGIONAL RETREAT
August 29th – 30th
6735 Salt Cedar Way, Building 1, Suite 300
STATE OF ASIA IN THE SOUTH
Since 2000, the South has experienced the greatest growth in AAPI populations. With 23% of all AAPI families living in the South, recent trends highlight further growth and expansion will continue in this region. Southern real estate markets are especially attractive to AAPI families, with large properties available at competitive price points – AAPIs are relocating to the South like never before. In fact, AAPIs in the South purchase twice as much baby needs than the general market in that region (166%), which is greater than a difference of 70% more purchased by total AAPIs in the U.S. compared to the general market . Such consumer habits are indicative of the larger shift many AAPIs reflect in their desires to grow families in the South.
Southern AAPI Economics
The median AAPI Household income in the South was $84.8K, significantly higher than the total population median of $69.1K. AAPI buying power has also drastically increased in the last decade. AAPIs contributed $133B to Southern economies in 2010, $189B in 2015, and are estimated to gross more than $264B by 2020. Between 2000 and 2014, AAPI families in Texas and Arkansas also increased their spending power, by 36.1% and 36.7% respectively.
The scientific and technical, retail, and health care industries rank as some of the largest employment industries for AAPIs in this region. Educational services and manufacturing also are big employers in the South as well. In Texas, the highest growth in number of Asian owned businesses came in health care and social assistance related businesses. Texas also ranks third in highest AAPI buying power with AAPI spending coming in at $56M. Virginia follows Texas in the South, where AAPI spending accounts for $25M . Industries focusing on science, technical trades and healthcare employ nearly 30% of all AAPIs workers in Southern states. Alabama, Arkansas, Georgia, and Kentucky each experienced 60-100% growth in AAPI businesses between 2002 and 2007.
The South invites more AAPI families to resettle than any other region in the United States. As AAPI families continue to relocate, they will change the surrounding economic environment through their symbiotic relationship with local economies. It is clear; AAPI families are interested in spending their resources and staying for generations to come.