MBEs In 2023: Summary of the NMSDC Economic Impact Report

Executive Summary

The 2023 Minority Businesses Economic Impact Report by the National Minority Supplier Development Council (NMSDC) highlights the continued progress of minority business enterprises (MBEs) toward achieving $1 trillion in annual revenue by 2030. Despite economic challenges, NMSDC-certified MBEs saw a 15% increase in annual revenue to $363.6 billion, creating and sustaining more than 1 million jobs and generating a total economic impact of more than $548 billion.

Highlights

Black Businesses: Showed significant improvement with a 12% increase in revenue, totaling $66.5 billion. Strategic alliances and targeted programs have been instrumental in this growth.

Hispanic Businesses: Achieved a remarkable 50% revenue increase to more than $114 billion, accounting for 31% of all NMSDC-certified MBE revenues.

AAPI Businesses: Experienced slower growth, with the Asian Pacific community growing at 4% and the Asian Indian community seeing a slight decline. This trend signals a need for proactive measures to support these businesses.

Minority Women Business Enterprises (MWBEs): Continued to face challenges, particularly Black MWBEs, who lag behind their counterparts. In 2023, NMSDC-certified MWBEs produced $67 billion in total annual revenue.

Economic Impact by Region

NMSDC’s regional affiliates play a crucial role in supporting MBEs. The report provides a detailed analysis of the economic impact by region, highlighting significant contributions in areas such as Southern California, which generated $88.4 billion in total production and supported more than 259,000 jobs.