Economic Impact Report
The 2024 Minority Businesses Economic Impact Report highlights NMSDC’s continued progress while charting the path forward to strengthen economic equity and opportunity nationwide. This year’s findings show resilience across minority-owned businesses despite shifting corporate and economic conditions.
- Black-owned MBEs continued strong momentum with double-digit gains in revenue, jobs, and wages.
- Native American-owned firms also saw major double-digit growth.
- Asian Indian-owned and Hispanic-owned MBEs posted solid increases, and overall economic impact rose nearly 10 percent across the network.
Economic Impact Report
The 2023 Minority Businesses Economic Report not only provides an important update on NMSDC’s progress on its march to $1 trillion in NMSDC-certified MBE annual
revenue, but it also provides insight into critical trends among NMSDC-certified MBEs including:
- Black businesses began to overcome historic disparities, achieving double
digit increases in revenue. - Hispanic businesses saw huge gains including a 50% increase in revenue.
- AAPI business growth slows down (though still shows strong performance).
- Improved parity among all the MBEs NMSDC serves.
Economic Impact Map
As we strive to create data-based solutions, NMSDC understands this powerful ecosystem needs impactful data and research to advance the minority business community.
This map showcases the national footprint of NMSDC-certified businesses across the country. Our goal is to use this data to improve the economic impact of minority firms in America.
Please note that the map has not been updated with newest data from the 2023 Minority Businesses Economic Impact Report (currently displaying data from the 2021 Report).
Previous NMSDC Annual Reports
*If you need any additional information or a past report not listed above, please contact us at info@nmsdc.org. Audited financials and IRS Form 990’s are available under our Mission & Vision page.