Report on Economic Impact of Asian-Owned Businesses in Arizona Launched, Supported through JPMorgan Chase Donation

Asian-American small business owners in Arizona will be surveyed this year to account for their contributions to the local economy and understand challenges.

The study, sponsored by the Arizona Asian Chamber of Commerce, will be the second of its kind conducted by the local business group through a donation from JPMorgan Chase.

In 2016, the Arizona Asian Chamber launched the first report, entitled: ABACUS Economic Impact of Asian Americans in the U.S. and Arizona: A Business Perspective. Learnings showed that at only 4 percent of the state population, the Asian American community generated $6.1 billion in revenue (2012) and employed more than 42,000 individuals.

“This report will demonstrate the economic impact of Asian American business owners and families in Arizona,” said Ryan Winkle, Board President of the Asian Chamber of Commerce, Inc. “The report also will include a spotlight on the Asian district in Mesa. Findings will help inform government and corporate decision-making and encourage future investment in our communities.”

Winkle added “We would like to extend an extra special thank you to JPMorgan Chase for their sponsorship of the 2023 ABACUS report and event. JPMorgan Chase is committed to creating opportunities for Asian American and Pacific Islanders, both internally and externally.”

“Asian Americans and Pacific Islanders play a vital role in the community and by understanding their contributions, challenges and successes, we can help support their business growth and strengthen the state’s economy,” said Cherry Perez, Business Banking Market Manager for JPMorgan Chase in metro Phoenix.

According to Winkle, the 2016 report was instrumental in the growth and development of Asian American communities in the Valley. He said the Chamber is looking forward to the updated data and trends when the new survey is completed.

“We have seen an exponential surge in population growth and economic/cultural development in Arizona,” he said. “Arizona’s Asian Pacific American businesses continue to make a significant economic impact in Arizona’s growing economy.”

Winkle said survey results will be reported in May.

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