US Census: Pakistani-Americans Are Young, Well-educated and Prosperous

[Riaz Haq]

Over half a million Pakistani-Americans constitute the 7th largest Asian ethnic group in the United States. Pakistani-Americans are young, well-educated and prosperous. Median age for Pakistani-Americans is 31.7 years. 60% have at least a bachelor's degree. Their median household income is $87,510 a year.  The graph below shows that immigration into the United States significantly slowed down in Trump years.  Still, the remittances from Pakistani-Americans have jumped 58% to $2.75 billion in the current fiscal year.  

Pakistani-American Population Growth. Source: Pew Research

About 36% are US-born while the rest are foreign-born. Just under 80% are US citizens, both native and naturalized. Here are the key takeaways from US Census data recently published by USA Facts:

1. Median age of Pakistani-Americans is 31.7 years, below the 37.9 years for Asian-Americans and 38.5 for overall population. Median age is 34.8 for Indian-Americans and 32.7 for Bangladeshi-Americans. 

Median Age of Asian-Americans. Source: USA Facts

2. Median income of Pakistani-American households is $87.51K, below $97.3K for Asian-Americans but significantly higher than $65.71K for overall population. Median income for Indian-American households $126.7K, the highest in the nation. 

Median Income of Asian-Americans. Source: USA Facts

3. Sixty percent of Pakistani-Americans have at least a bachelor's degree, the second highest percentage among Asian ethnic groups. Indians are the best educated group with 76% having at least a bachelor's degree. The average for Asian-Americans with at least a bachelor's degree is 56%. 

Education Level of Asian-Americans. Source: USA Facts

4. About 36% of Pakistani-Americans are US-born while the rest are foreign-born. By comparison, 29.1% of Indian-Americans and 34.3% of Asian-Americans are native-born and the rest foreign-born. 

Citizenship Status of Asian-Americans. Source: USA Facts

There are 18.6 million Asian Americans living in the US, making up 6% of the US population, according to the latest available census data. The data shows that, on average, Asian Americans are younger, more likely to be born abroad, and live in households with higher income than the average American.

Here's a video clip of CNN analyst Van Jones talking about Pakistani-Americans:

http://www.youtube.com/watch?v=gr5cLv8Dj2I

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[Riaz Haq]

#US #Census2020 shows #American #population growth driven by minorities, mainly #Hispanics & #Asians. #White population falls under 60%. By contrast, the 2000 census showed non-Hispanic whites made up just over 69% of the population, and 63.7% in 2010. https://thehill.com/homenews/state-watch/567605-census-shows-us-gro...


Asian Americans grew faster than any other minority group in the last decade, to 24 million, up about 20 percent since 2010. Most of the growth was from immigration, prior Census data has shown.

“The U.S. population is much more multiracial and much more racially and ethnically diverse than we measured in the past,” said Nicholas Jones, director of race, ethnicity and outreach in the Census Bureau’s Population Division.

Overall, the United States is growing at nearly the slowest rate in the nation’s history. The country’s population grew by 7.4 percent in the last decade, a slower rate than any decade since the 1930s

More people died than were born in more than half of American counties over the last decade, and while rural areas were more likely to suffer natural decreases, urban areas experienced declines too. Marc Perry, a senior demographer in the Census Bureau’s Population Division, said 52 percent of counties ended the decade with lower populations than they had in 2010.

Counties with populations under 50,000 all lost population on average, according to the Census data. Counties with populations over 100,000 gained 9.1 percent, as more Americans flocked to metropolitan areas and their nearby suburbs.

Overall, 86.3 percent of Americans live in a metropolitan area, a city and its surroundings with populations greater than 50,000, up 2 percentage points since the 2000 survey. The share of Americans who live in rural areas that are not part of metropolitan areas dropped by 2.8 percentage points.

Those declines are troubling indicators of long-term loss, said Kenneth Johnson, a senior demographer at the Carsey School at the University of New Hampshire, because those trends rarely reverse.

“Once natural decrease begins it is almost certain to continue,” Johnson said. “Many [counties that lost population] no longer have the demographic resilience to grow again and recent data suggests that population losses in this decade will be substantial.”

[Riaz Haq]

#California Defies Doom With No. 1 #US #Economy Amid #COVID19. The Golden State has no peers when it comes to expanding #GDP, raising household #income, investing in #innovation and a host of other key metrics. #SiliconValley #Hollywood #aerospace #BigTech https://www.bloomberg.com/opinion/articles/2021-06-14/california-de...

If anything, Covid-19 accelerated California’s record productivity. Quarterly revenue per employee of the publicly traded companies based in the state climbed to an all-time high of $1.5 million in May, 63% greater than its similar milestone a decade ago, according to data compiled by Bloomberg. The rest of the U.S. was nothing special, with productivity among those members of the Russell 3000 Index, which is made up of both large and small companies, little changed during the past 10 years.

While pundits have long insisted California policies are bad for business, reality belies them. In a sign of investor demand, the weight of California companies in the benchmark S&P 500 Index increased 3 percentage points since a year ago, the most among all states, according to data compiled by Bloomberg. Faith in California credit was similarly superlative, with the weight of corporate bonds sold by companies based in the state rising the most among all states, to 12.5 percentage points from 11.7 percentage points, according to the Bloomberg Barclays U.S. Corporate Bond Index. Translation: Investors had the greatest confidence in California companies during the pandemic.

The most trusted measure of economic strength says California is the world-beater among democracies. The state’s gross domestic product increased 21% during the past five years, dwarfing No. 2 New York (14%) and No. 3 Texas (12%), according to data compiled by Bloomberg. The gains added $530 billion to the Golden State, 30% more than the increase for New York and Texas combined and equivalent to the entire economy of Sweden. Among the five largest economies, California outperforms the U.S., Japan and Germany with a growth rate exceeded only by China.

Enlarging its No. 1 footprint with factory jobs, California GDP from manufacturing gained 13% over the past five years to $316 billion in 2020, an increase unmatched by any of the 10 largest manufacturing states: Texas was No. 2 with 9% growth, followed by Indiana at 8%, according to data compiled by Bloomberg. For all its bluster as being “best for business,” Texas can’t match California’s innovation. California prosperity is rooted in its appeal as a worldwide destination for technology and health-care development. Of the 6,924 corporate locations in the state, 18% are research and development facilities, a ratio that easily beats the U.S. overall (11%), China (15%), U.K. (14%) and Japan (10%). Only Germany, at 19%, has a higher rate, according to data compiled by Bloomberg. The percentage of Texas facilities for R&D is less than half California’s at 8.2%.

Corporate California also is the undisputed leader in renewable energy, with 26 companies worth $897 billion, or 36% of the U.S. industry, having reported 10% or more of their revenues derived from clean technology. No state comes close to matching the 21% of electricity derived from solar energy. Shares of these firms appreciated 282% during the past 12 months and 1,003%, 1,140% and 9,330% over two, five and 10 years, respectively, with no comparable rivals anywhere in the world, according to BloombergNEF. The same companies also increased their workforce 35% since 2019, almost tripling the rate for the rest U.S. overall and four times the global rate.

[Riaz Haq]

Nuveen names chief investment officer
Saira Malik to lead strategy, insights for US$1.2 trillion asset manager

https://www.theasset.com/article/45932/nuveen-names-chief-investmen...

Nuveen, the asset manager of TIAA, has named Saira Malik as its chief investment officer, with responsibility for driving market and investment insights and delivering client asset allocation views from across the firm’s independent investment teams. Nuveen manages US$1.2 trillion in equities, fixed income, real estate, private markets, natural resources, other alternatives and responsible investments.

She will also lead the firm’s global investment committee, which brings together the most senior leaders from Nuveen’s investment teams to deliver the best thinking and actionable portfolio allocation ideas.

Malik will maintain her portfolio management and leadership responsibilities for Nuveen’s US$450 billion global equity business, in addition to developing consensus views alongside colleagues from across the firm’s investment platform.

She will remain lead portfolio manager for the US$132.95 billion CREF Stock strategy and a listed portfolio manager for the US$37.84 billion CREF Growth and US$27.21 billion CREF Global Equities strategies.

Malik, who has 26 years of investment experience in portfolio management, global research and analyst roles, will continue to report to William Huffman, head of the firm’s fixed-income and equity platform.

Huffman says: “Malik is dedicated to delivering strong returns to help secure the financial futures of clients and has been an essential part of the firm for nearly two decades.”

[Riaz Haq]

#US Congressman Jamaal Bowman, #Democrat, #NewYork, introduces resolution in House to designate March 23 as ‘Pakistan Day’. He initiated the “landmark resolution”. It is the first such resolution introduced in the US Congress. #PakistanDay2023 #Pakistan
https://economictimes.indiatimes.com/news/international/world-news/...


The resolution emphasised the importance of recognising and paying tribute to those who foster ethnic pride and enhance the profile of cultural diversity, which strengthens the fabric of the US communities.

Bowman in fact stated that it was an honour for him to introduce the resolution and stressed the importance of standing with the people of Pakistan during their time of crisis.

Bowman expressed his solidarity with Pakistan, which has been hit by a natural disaster and conveyed his message of peace and love to the people of Pakistan.

The resolution also highlighted that Pakistan Day provides an excellent opportunity for all US residents to learn more about Pakistan’s rich heritage and foster an appreciation for its ancient culture among future generations.

Pakistan’s ambassador to the US, Masood Khan, thanked Bowman for his initiative, which would bring the two countries and their people closer to each other.