By Okon Ekpenyong

The highly anticipated 2023 Minority Businesses Economic Impact Report, recently released by the National Minority Supplier Development Council (NMSDC), presents updated data on the state of the minority business community showing significant increase in growth among certified minority business enterprises.

According to the report, there has been a significant increase in growth and success among NMSDC-certified minority business enterprises (MBEs) from 2022 to 2023. This is a promising development, as it highlights the impact and potential of minority-owned businesses in the current economic landscape. Let’s take a closer look at the key findings of the report and what they mean for the future of minority businesses in the United States.

Per the report, NMSDC-certified MBEs saw a 15% increase in annual revenue, reaching $363.6 billion. Additionally, these businesses created 1 million U.S. jobs, representing a 4.5% increase, and earned $81.5 billion in wages for MBE employees, an 8.2% increase. The report also showed a 14.2% increase in taxes generated by MBEs, totaling $57.1 billion.

This report is necessary to track the progress and impact of minority-owned businesses in the United States, providing valuable data to guide future decisions and investments. The findings not only showcase the economic potential of minority businesses but also highlight the importance of supporting and promoting their growth for the overall development of the new American community.

Key findings from the report include significant growth among Black-owned businesses, with a 12% increase in revenue to $66.5 billion, and Hispanic-owned businesses, which saw a 50% increase in revenue to $114.2 billion. While Asian Pacific businesses experienced a 4% growth in annual revenue to $97.8 billion, Asian Indian companies saw a 1% decrease to $70.2 billion.

NMSDC CEO and President Ying McGuire expressed optimism about the future of MBEs, stating, “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.” McGuire also highlighted the organization’s goal of reaching $1 trillion in MBE annual revenue by the end of 2030.

In addition to national trends, the report includes state, regional, and industry-specific data that NMSDC hopes will help identify opportunities for further MBE growth at the local level. McGuire emphasized the importance of collaboration between NMSDC regional affiliates, local and state governments, and corporate partners to support MBEs and promote economic development within individual communities.

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