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The Impact of Diverse Small Businesses in California

2024 Trends and Insights Report

The California African American, Asian Pacific, and Hispanic Chambers of Commerce have once again partnered with Beacon Economics to deliver the 2024 report on the impact of diverse small businesses across the state. Building upon last year’s pioneering research, this updated report provides critical insights into the economic, fiscal, and social contributions of California’s minority-owned businesses. Despite significant challenges, such as systemic barriers to scaling and growth, these businesses remain an essential pillar of the state’s economy, contributing to employment, tax revenue, and overall economic output.

$414 Billion

Minority-owned small businesses contribute $414 billion to California's economy, accounting for 8% of the state's total economic output.

$169.88 Billion

Minority-owned small businesses in California support $169.88 billion in labor income, which includes employee compensation and proprietorship income​

3.6 Million Jobs

Diverse small businesses support over 3.6 million jobs annually, representing 15% of California’s total employment.

$50.2 Billion

Minority-owned small businesses generate $50.2 billion in tax revenue, including $24.5 billion for state and local governments.

722,000

Asian-Owned Businesses in California

1.9 Million

Minority-Owned Businesses

For media inquiries, please contact Matt Sumida at msumida@calasiancc.org.