‘That’s a win.’ 6 takeaways about minority-owned businesses from a new report

Businesses owned by people from diverse backgrounds are succeeding, a new report says.

“When a business in your community wins a contract, they hire from that community, ” said Don Cravins Jr., CEO of the National Minority Supplier Development Council. “And it drives unemployment down in that community. That’s a win.”

The New York City-based nonprofit, which supports entrepreneurs from marginalized groups in building their professional networks and gaining clients, had its annual conference at the Miami Beach Convention Center this past week. The gathering included a pitch competition and seminars to help entrepreneurs of color win contracts with corporations and institutions.

To coincide with the conference, the National Minority Supplier Development Council released an economic impact report on the work its certified businesses did in 2024. Certification means that businesses are at least 51% owned by a member of a marginalized ethnic community.

Here are some key takeaways from the report:

1. Minority-owned businesses contributed billions to economy

Minority-owned businesses are a boost to the American economy. In 2024, they accounted for $600 billion in total production..

2. Businesses have hired diverse employees

The NMDSC certifies minority-owned businesses that led to 2.2 million jobs for people from diverse backgrounds across America.

3. Billions of dollars in wages earned through supported jobs

Those 2.2 million jobs led to $168 billion of earned wages for the people employed by minority-owned businesses.

4. Minority-owned businesses accounted for jobs in Florida

In Florida, more than 128,000 people were employed by minority-owned businesses.

5. Employees at minority-owned businesses earned billions in Florida wages

Employees at Florida’s minority-owned businesses earned $8.2 billion of wages in Florida alone.

6. Minority-owned businesses are projected to earn trillions

Growth is predicted to continue for minority-owned businesses into 2030 to the tune of $3 trillion.