The Standard reports that Asian American households have recorded the biggest income growth among all ethnic groups in the US.
Figures released on Thursday by the US Census Bureau showed that the demographic’s income grew almost 8% over the past 15 years.
Latinos’ household income grew by 6% during the same period whilst non-white Hispanics and Blacks recorded 3% and 2% growth respectively. Median household income only grew 2.3% across America.
Economists cite thriving job markets in industries where Asian American and Latino households are concentrated.
“As the labor market tightened more in certain areas and in certain fields we would see more robust income growth for those groups,” Ohio State economist Trevon Logan said.
“Also, higher concentration in urban areas with larger job growth and increases in minimum wage can also play a role in income gains.”
University of Massachusetts Boston economist Marlene Kim cited education as playing a key role in income growth.
“We are in a knowledge economy and a college education is key to getting professional jobs that pay well. Asians have the highest percentage of getting a college degree and I think you are seeing that effect,” Kim said.
“Asians are more likely to be in professional and technical jobs, which are thriving and increasing their pay and income level.”
Over 54% of Asian Americans have a bachelor’s degree – the highest of any ethnic group – compared to the US average of 32%. 35.8 % of non-Hispanic whites, 21.6% of Blacks and 16.4% of Latinos had bachelor’s degrees.
In other news, Joe Biden is set to nominate Asian American lawyer Katherine Tai as his top US trade envoy.
