Triangle is Talent Magnet for the World
November 12, Indians around the world began their celebration of Diwali, the biggest festival of the year in the Indian culture. The first day of this festival of lights is Dhanteras, and is the day many Indian businesses choose as the beginning of the fiscal year. This is the day that the goddess Lakshmi is worshipped to bring prosperity and well-being.
Prosperity and well-being has brought many Indians, as well as other Asian-Americans and nationalities to the Triangle. Many come to the area to attend one of the excellent universities in the area or for a job at one of the many bio- or high-tech companies that call the Triangle home. Morrisville, in particular, has had great success in attracting Asian-Americans. In the 2010 census, 27 percent of Morrisville’s population reported to be Asian-American
The Pew Research Center released a study in June citing that Asian Americans are the highest-income, best-educated and fasted-growing racial group in the United States. The study also states that Asian Americans are “more satisfied than the general public with their lives, finances and the direction of the country, and they place more value than other Americans do on marriage, parenthood, hard work and career success.” Morrisville boasts the highest level of education attainment in Wake County and a median income that is 37 percent higher than the U.S. average. It is more than coincidence that these statistics are so positive with the high percentage of Asian-Americans in the area.
Immigrants are also key drivers in establishing new businesses. The Partnership for a New American Economy, an organization seeking reform on immigration issues, cites the following:
- Immigrants started 28% of all new U.S. businesses in 2011, despite accounting for just 12.9% of the U.S. population
- Over the last 15 years, immigrants have increased the rate by which they start businesses by more than 50 percent, while the native-born have seen their business generation rate decline by 10 percent
- Immigrants are now more than twice as likely to start a business as the native-born
- Immigrants start more than 25% of all businesses in seven of the eight sectors of the economy that the U.S. government expects to grow the fastest over the next decade. These include health care and social assistance (28.7%), construction (31.8%), retail trade (29.1%) and leisure and hospitality (23.9%), among others
The business climate in the Triangle is made even stronger with its ability to attract a highly skilled and entrepreneurial workforce. Foreign-born residents that have chosen, Morrisville and the rest of the Triangle are helping build tomorrow’s businesses today.
Author: Carlotta Ungaro, President, Morrisville Chamber of Commerce