NMSDC publishes its annual Small Business Economic Impact Report
The presentation was made in the middle of the Minority Business Economic Forum in Miami.
MORE IN THIS SECTION
The National Minority Supplier Development Council (NMSDC) recently announced the release of its 2022 Minority Business Economic Impact Report, which provides valuable information for understanding the role of NMSDC-certified minority business enterprises (MBEs) in the U.S. economy, and how they are leading the next wave of economic equity and business diversity.
Ying McGuire, NMSDC CEO and president, stated in a press release:
Last year we celebrated our 50th anniversary by setting an audacious goal to reach $1 trillion in annual revenue for NMSDC-certified MBEs.
NMSDC noted that, taking into account the information found in 2021, this year's report sought to achieve three main objectives:
- Track progress towards NMSDC’s ambitious goal to reach $1 trillion in NMSDC-certified MBE annual revenue.
- Uncover any disparities that exist between NMSDC-certified MBEs to provide direction in programming and development efforts to address them.
- Provide regional and state-level growth data to better focus and align the NMSDC network’s advocacy efforts.
“This year’s Minority Businesses Economic Impact report reflects our progress toward that goal as we ride the next wave of MBE growth and get closer to our ultimate goal of ending the racial wealth gap,” underscored McGuire.
The report highlights the growing numbers that NMSDC-certified MBEs are taking on the U.S. economy:
- $316.2 billion in total annual revenues for certified MBEs (a 21% increase from 2021).
- $482.1 billion in total economic activity.
- 1.8 million U.S. jobs supported.
- $136.4 billion in total wages.
Additionally, in 2022, MBEs annual revenue increased in each of the diverse communities served by NMSDC:
- Asian Pacific revenue totaled $94.4 billion, a 34.9% increase from 2021.
- Hispanic revenue totaled $77.7 billion, a 23.3% increase from 2021.
- Asian Indian revenue totaled $71 billion, a 20.3% increase from 2021.
- Black revenue totaled $59.6 billion, a 4.6% increase from 2021.
- Native American revenue totaled $13.5 billion, a 12.5% increase from 2021.
“While NMSDC was excited to see continued growth across all the communities it serves in this year’s Minority Businesses Impact Report, it also highlights the disparity that Black businesses continue to face in the United States,” highlighted Fernando Martínez, NMSDC senior vice president of Success.
The 2022 Minority Business Economic Impact Report is live— NMSDC (@NMSDCHQ) May 9, 2023
“This year’s report reflects our progress as we continue to impact MBEs and get closer to our ultimate goal of ending the racial wealth gap,” Ying McGuire.
Download the report at https://t.co/yTFXoQXHCk#WeAreNMSDC pic.twitter.com/smBWxHW7DK
The report also highlighted the following data around representation among certified MBEs:
- Asian Indian businesses account for 16% of NMSDC-certified MBEs.
- Asian Pacific businesses account for 12% of NMSDC-certified MBEs.
- Black businesses account for 41% of NMSDC-certified MBEs.
- Hispanic businesses account for 28% of NMSDC-certified MBEs.
- Native American businesses account for 3% of NMSDC-certified MBEs.
“We are dedicated to working with our corporate members, MBEs, and other strategic partners to explore how we can enact and promote solutions that address this inequity,” added Martínez.
Click here to view the full report.
Founded in 1972, NMSDC is the longest-running engine of business growth for the broadest group of systematically excluded communities of color (Asian Indian, Asian Pacific, Black, Hispanic, and Native American), whose impact seeks to go beyond the supply chain and address unequal access to wealth creation opportunities.