Advertisement

NMSDC Releases the 2023 Minority Businesses Economic Impact Report

MBE Magazine Staff
NMSDC Economic Impact Report

NMSDC’s annual economic impact shows progress towards the organization’s march to $1 trillion and identifies key demographic trends among its certified MBEs. 

The National Minority Supplier Development Council (NMSDC) released its 2023 Minority Businesses Economic Impact Report, which showed impressive growth by NMSDC-certified minority business enterprises (MBEs) from 2022 to 2023 including:

  • $363.6 billion in annual revenue (a 15 percent increase).
  • 1 million U.S. jobs created (a 4.5 percent increase).
  • $81.5 billion in wages earned by MBE employees (8.2 percent increase).
  • $57.1 billion in taxes generated (14.2 percent 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 revenue increases – up 12 percent to $66.5 billion.
  • Hispanic businesses saw huge gains including a 50 percent increase in revenue – up to $114.2 billion.
  • AAPI business growth slows down (though still shows strong performance) – up 4 percent for Asian Pacific businesses (to $97.8 billion in annual revenue) and down 1 percent (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,” says 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 adds.

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.

Advertisement

Advertisement

Advertisement

Latest Stories...

Funding & Finance

10 Creative Ways to Secure Funding in Tough Times

Tiaera Walker — February 9, 2025

Creating a Plastic-Free Future

BamBhu Innovation — February 7, 2025

How Trump’s New Tariffs Impact Small Businesses

Tiaera Walker — February 6, 2025

Five young Black women standing with their arms around each other smiling for the camera

Black Girl Vitamins Fitness Tour Celebrates Black History Month

MBE Magazine Staff — February 5, 2025

Business trends written in yellow on a black chalkboard

2025 Business Trends Every Entrepreneur Should Know

Tiaera Walker — January 29, 2025

Brick wall with a hole in the middle and money floating in the hole

Breaking Barriers to Funding

J.R. Henry — January 29, 2025

Mosaic outlines of a diverse group of people with Why It Still Matters overlaid on it

The Future of Diversity, Equity, and Inclusion

Michele Joseph — January 29, 2025

Creating Your 2025 Marketing Plan

J.R. Henry — January 26, 2025

Advertisement