Jason Paguio highlights economic impact of Asian businesses at Sacramento meeting

The California Assembly Committee on Economic Development, Growth, and Household Impact spotlighted the critical role of small businesses during its recent meeting, emphasizing the urgent need for supportive policies amid rising costs of living. Jason Paguio, president and CEO of the Asian Business Association of San Diego, presented compelling data that underscores the economic significance of Asian and Pacific Islander (API) businesses in the region.

Paguio revealed that API small businesses in San Diego contribute over $5 billion to the local economy, generating approximately 90,000 jobs. Statewide, these businesses account for a staggering $200 billion in economic impact, representing one-third of all Asian businesses in the United States. "A more inclusive, equitable economy is better for all Californians," Paguio stated, reinforcing the committee's commitment to fostering economic equity.

The discussion highlighted the challenges faced by small business owners, particularly those from immigrant communities, as they navigate the current economic landscape. Paguio's insights reflect a broader concern that the ongoing cost of living crisis is disproportionately affecting these businesses, which are vital to California's economic health.

As the committee continues its work, the emphasis on supporting small businesses remains a priority, with hopes that inclusive policies will lead to a more robust economy for all Californians. The meeting served as a reminder of the essential role that small businesses play in driving economic growth and the need for ongoing dialogue and action to support them.