The National Minority Supplier Development Council (NMSDC) recently released its 2023 Minority Businesses Economic Impact Report. This year’s report showed impressive growth by NMSDC-certified minority business enterprises (MBEs) from 2022 to 2023 including:
• $363.6 billion in annual revenue (a 15% increase).
• 1 million U.S. jobs created (a 4.5% increase).
• $81.5 billion in wages earned by MBE employees (8.2% increase).
• $57.1 billion in taxes generated (14.2% increase).
It not only provides strong overall data on the state of NMSDC-certified MBEs and an important update on NMSDC’s progress on its march to $1 trillion in MBE annual revenue, but also insight into critical trends across the network including:
• Black businesses began to overcome historic disparities, achieving double digit increases in revenue – up 12% to $66.5 billion.
• Hispanic businesses saw huge gains including a 50% increase in revenue – up to $114.2 billion.
• AAPI business growth slows down (though still shows strong performance) – up 4% for Asian Pacific businesses (to $97.8 billion in annual revenue) and down 1% (to $70.2 billion) for Asian Indian businesses.
• Improved parity among all the MBEs NMSDC serves.
“The Minority Businesses Economic Impact Report is a crucial evaluation of how certified MBEs have performed over the past year and identifies further opportunities for NMSDC and its corporate members to act as powerful catalysts for minority business growth,” said NMSDC CEO and President Ying McGuire. “If the trends in this year’s data continue, we are confident we can reach our goal of $1 trillion by the end of 2030,” she added.
The report also includes important state, regional, and industry data that NMSDC hopes will help identify further opportunities for NMSDC regional affiliates and local and state governments to spur further MBE growth and development in their individual communities.
Read the full report here.
About NMSDC
Founded in 1972, NMSDC is the longest-operating business growth engine for the broadest group of systematically excluded communities of color (Asian-Indian, Asian-Pacific, Black, Hispanic, and Native American), and our impact goes far beyond the supply chain. It’s about upward mobility for the emerging majority of Americans, an equal shot at participating in the American experiment of free-market capitalism and entrepreneurship. Our work is about correcting the unequal access to wealth-building opportunities. For more information, please visit nmsdc.org.
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