Latino Businesses Drove Major Economic Gains With Near-$120 Billion in Output Last Year: Report

Latino-owned certified minority businesses in the United States generated $117.3 billion in revenue in 2024 and supported 372,300 jobs, according to the National Minority Supplier Development Council (NMSDC)

Furthermore, the report found that minority-owned certified businesses produced nearly $599.7 billion in total output, registering a 9.4 % increase year-on-year—outpacing the U.S. GDP growth rate.

The NMSDC Economic Impact Report revealed that these firms also paid $168 billion in wages and maintained over 2.2 million jobs. "Minority-owned businesses are vital to our economy and act as engines of innovation, resilience and generational wealth," said Donald R. Cravins Jr., NMSDC President and CEO. For Latino-owned businesses, revenue rose 2.7 %, wages grew by 7.35 %, and employment expanded by 9.3 %.

Latinos comprise about 20 % of the U.S. population and are projected to have purchasing power of $2.7 trillion in 2025, with a path to exceed $3 trillion by 2030, underscoring the business community's broader influence. The report noted that Latino, AANHPI (Asian American, Native Hawaiian and Pacific Islander), and LGBTQIA+ certified businesses were key contributors to the citizenship path reform debate, with 71 % of multicultural respondents supporting that policy.

Despite these gains, the report highlighted challenges as Latino businesses still face barriers in capital access, supplier diversity, and public-private partnerships. The report asserts that "now is the time to act" and pushed for policies to "build an inclusive economy that reflects America's entrepreneurial talent." The study also recommends expanding capital availability, strengthening supplier pipelines, and boosting collaboration.

In other findings from the report, regional analysis showed the Southwest grew fastest among all U.S. regions at 30.7 %, followed by Washington D.C. at 26.1 %. The NMSDC's Corporate Plus program—tailored to high-performing minority firms—grew production by 12 % and wages by 16 % annually, buoyed by 93,500 firms and more than 275,000 employees.