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Hawaiian Businesses Grow Faster - 06/29/2006

Hawaiian Businesses Produce Faster

The number of U.S. businesses owned by Native Hawaiians and other Pacific Islanders is growing four times faster than the national average.

The Census Bureau says in a new report that the number of such enterprise grew 49.4 percent between 1997 and 2002 when the number of all businesses grew only 10.3 percent.

The 28,948 businesses generated $4.3 billion in revenues, up 3.4 percent. Native Hawaiians owned 58 percent of these businesses -- 17,776 -- while Guamanians and Chamorrans owned 13.1 percent and Samoans owned 7.6 percent, leaving 21.8 percent owned by other Pacific Islanders.

Hawaii had more of these firms even than California.

There were 8,359 in Hawaii, representing 28.9 percent of total companies and 33.6 percent of total receipts, $1.44 billion. Honolulu had 5,052 firms with $1 billion in receipts, more than any other city.

There were 7,074 in California, representing 24.4 percent of total companies and 28.8 percent of total receipts, $1.23 billion. Almost half of Guamanian/Chamorran-owned firms were in California.

Nearly 13 percent of all Native Hawaiian- and other Pacific Islander-owned firms had paid employees in 2002. These 3,693 businesses employed more than 29,000 people and generated revenues of $3.5 billion. The average receipts for these firms were $948,323. Construction accounted for more than 21 percent of the firms.

There were 727 Native Hawaiian- and other Pacific Islander-owned firms with receipts of $1 million or more. These firms accounted for 2.5 percent of the total number and 66.8 percent of their total receipts.