The contribution to U.S. gross domestic product of minority-classifiable businesses was 1.6% in 2010, 2.5% in 2020, and is projected to reach 7.4% in 2060, according to a September report by the Minority Business Development Agency, a part of the U.S. Commerce Department.
The share of the workforce employed by minority business enterprises was 4.6% in 2010, 5.9% in 2020, and is projected to reach 8.8% in 2060, the report said.
“The landscape of minority economic opportunity is rugged, but it is more important than ever to local communities and to the national economy,” said the report, “The Contribution of Minority Business Enterprises to the U.S. Economy.”
“The importance of minority business enterprises (MBEs) is seen with simple arithmetic: by 2044, minorities will be a majority of the U.S. population. By implication, minority workers and MBEs represent a significant and growing share of the economy.”
