Despite pandemic, San Diego’s Asian and Pacific Islander-owned businesses added $5B to economy
Local Asian and Pacific Islander-owned businesses generate approximately $5 billion for the region’s economy and yet they were some of the hardest hit during the coronavirus pandemic, according to a new study by the Asian Business Association of San Diego.
The 2021 economic impact of Asian and Pacific Islander-owned businesses highlights the sales activity and revenue of more than 7,000 businesses in the study’s sample of San Diego county. The survey also analyzed public data and found that Mira Mesa and Kearny Mesa, where the Convoy Business District is located, have the highest concentration of API businesses.
Given 10 options of how the local government can help their business in the short and long term, 81.4 percent of respondents said that they need small-business grants, loans and other financial assistance. This was followed by 42.5 percent of respondents choosing the need for more market rate and affordable housing to support them.
“The pandemic was very hard for small businesses all across our region, and while we provided more than $64 million in financial relief, many businesses will require more time before they achieve pre-pandemic sales and staff levels,” Nathan Fletcher, chair of the San Diego County Board of Supervisors, said in a statement. “I will continue to work with the Asian Business Association of San Diego and other partners to support continued business growth as we enter the New Year.”