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FOR IMMEDIATE RELEASE
Alan Fogg
Director of Communications
afogg@fceda.org, 703-790-0600
Asian-Owned Businesses in Fairfax County Experience Largest Growth in Area
Fairfax County, Virginia, April 8, 1997— Ever increasing numbers of Asian-owned businesses continue to grow and flourish in Fairfax County, according to U.S. Bureau of the Census figures reported in the Fairfax County Economic Development Authority's (FCEDA) Small and Minority Business Report. Between 1987 and 1992, numbers for Asian-owned businesses exceeded other local jurisdictions in all categories including total firms, total sales/receipts, number of firms with paid employees, sales/receipts of firms with paid employees, total employees and annual payroll.
The data for the period 1987-1992 is based on figures recently released by the U.S. Bureau of the Census. The number of Asian-owned businesses in Fairfax is the largest in the area, outpacing Washington, D.C. by 368 percent, Prince George's County by 160 percent and Montgomery County by 13 percent. Companies owned by Asians/Pacific Islanders/American Indians and Alaska Natives in Fairfax County totaled 6,518 in 1992, a 64 percent jump over the 1987 figure of 3,981. Total sales/receipts grew in 1992 by $406 million (158 percent), from $256.6 million in 1987. Sixteen percent of the County's Asian-owned firms had paid employees in 1992 and reported a total of 5,385 workers, $474.3 million in annual sales/receipts and $131.3 million in annual payroll. The remaining 84 percent were sole proprietorships.
"The three main items that drew me to Fairfax County are the thriving business community, a pro-business environment and a competitive tax structure. I have no doubt that these three items will continue to facilitate Integral's growth as a business," says Asian business owner, Dr. Victor Hsin, CEO of Integral Communications Inc., in Vienna.
In support of minority business owners, Fairfax County is fortunate to have a reputation for supplying a continuously growing consumer and economic base, an impressive pool of highly educated, highly skilled workers and professional programs for minority-owned businesses. The FCEDA publishes a quarterly newsletter, Business Ventures, and conducts workshops on "Doing Business in Fairfax County," which are especially designed for minority-owned businesses.
"Minority-owned businesses continue to demonstrate real growth and vibrancy in Fairfax County. Since 1987, the number of firms, sales and employee figures have expanded rapidly, demonstrating that Fairfax County is not only an attractive area for starting businesses, but that it offers the resources and consumer base necessary for growth," said Patricia M. Woolsey, chairman of the Fairfax County Economic Development Authority.
Tools available from the FCEDA for minority entrepreneurs include an on-line database developed by the FCEDA to encourage minority-owned business growth by providing opportunities for small and large business networking and easy-to-use information to potential small business consumers. The database, found on the FCEDA Web site, lists the contacts, addresses and services of more than 7,200 businesses located in Fairfax County. The FCEDA Web page can be found at www.FairfaxCountyEDA.org. A copy of the FCEDA Small and Minority Business Report may be obtained by calling the FCEDA at (703) 790-0600 or by visiting the FCEDA Web site.
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