In 2024, MBEs generated $599.7 billion in total economic output, supported over 2.2 million jobs, and delivered $168 billion in wages to American workers. These figures reflect year-over-year growth of 9.4% in production, 10% in job creation, and 12.3% in wages, underscoring the resilience and economic power of minority-owned businesses.

Growth was especially strong among Black-, Native American-, and Women-owned MBEs, with double-digit increases in revenue and employment. Despite a shifting national landscape and reduced emphasis on diversity initiatives in some sectors, MBEs continued to outperform national GDP growth, proving their role as engines of innovation and economic impact.

“The 2024 Minority Businesses Economic Impact Report reaffirms what we at NMSDC have long championed: MBEs are vital to our economy and serve as engines of innovation, resilience, and generational wealth,” said NMSDC’s President and CEO Donald R. Cravins, Jr. “With nearly $600 billion in total production, over 2.2 million jobs supported, and $168 billion in wages earned, NMSDC-certified MBEs continue to drive prosperity in historically underserved communities. Now is the time to act. Together, we can build an inclusive economy that reflects America’s diverse entrepreneurial talent.”

The report also outlines strategic priorities for the future, including expanding access to capital, strengthening supplier diversity across all tiers, and forging new public-private partnerships to scale impact nationwide.

Click here to access the full report

About NMSDC

Founded in 1972, NMSDC is the longest-operating business growth engine dedicated to expanding opportunities for historically under-utilized entrepreneurs. Our impact extends well beyond supply chain development. It’s about fostering upward mobility, broadening participation in the American free-market system, and ensuring fair access to the tools of economic success. Our mission is to help level the playing field by opening doors to wealth-building opportunities for those who have traditionally faced barriers.

Source: NMSDC