Northeast Regional Retreat
August 22nd, 2019
Agent Studio at 30 Irving Place, 7th Flr,
New York, NY 10003
In The northeast
The Northeast is a major region for AAPIs. 20% of all AAPI families live in the Northeastern states. Historically, the metropolitan areas of New York, Massachusetts, and Washington DC have been top destinations for immigrants. Not only do AAPIs have the highest population density in the West and Northeast, when compared to the South and Midwest, but their cultural influence is also strongest and most visible on the coastal states. In the Northeast, there is a strong AAPI community active in every aspect of life: food, economy, and entertainment and recreation.
Northeastern AAPI Economics
AAAPIs have a symbiotic relationship with the Northeastern economy. The median AAPI household income in the Northeast is $109K; 14.8% higher than the total population median of $95K. Regional AAPI purchasing power is reflective of the overall economic contributions that AAPIs make in this region. In 2010, AAPIs held $133B in buying power, only to increase to $178B in 2015. Estimates show that AAPI buying power will increase to over $237B by 2020.
In the Northeast, AAPIs are most likely to work in the professional, scientific and technical, or health care industries. Other big areas of employment in this region include the arts and entertainment, retail, and manufacturing. Scientific, manufacturing, and healthcare employ over 37% of all AAPIs in the Northeast.
In New York alone, AAPI owned businesses grew their sales 29% between 2007 and 2012, from $51M to $66M. Transportation, professional science, technical, and retail business owners made up 34% of all AAPI owned business. The largest AAPI consumer markets in the Northeast include New York, Massachusetts, and New Jersey. These three states collectively produce a consumer market valuated just over $171B, more than the combined purchasing power parity (collective GDP) of Honduras, Laos, and El Salvador together.
Data from the Census Bureau’s Survey of Business Owners show that AAPI–owned businesses in the New York Metropolitan Statistical Area (MSA) alone employed over 290,000 people and dispensed more than $10 billion in annual payroll.42