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State of Diverse Small Businesses in California

Economic, Fiscal, and Social Impact Analysis
June 2023 Report

The California African American, Asian Pacific, and Hispanic Chambers of Commerce have partnered with Beacon Economics and the California Office of the Small Business Advocate to develop an annual report to share insights on the economic, fiscal, and social impact of the state’s diverse small business community.

Minority-owned small businesses are a pillar of the California economy. They account for 45% of all businesses in the state, support 10.9% of all jobs in the state annually, and generate 3.5% of California’s economic output. Monitoring the status of these businesses by race, industry, and region is critical to evaluating the successes and/or failures of California state and local policies and for evaluating the overall health of California’s population and economy.

$192.8 Billion

Minority-owned small businesses are estimated to contribute $192.8 billion in economic output to the California economy in a given year.

$82.1 Billion

Minority-owned small businesses in California support an average of $82.1 billion in labor income.

2.56 million Jobs

Minority-owned small businesses support 2.56 million jobs annually across California.

$28.7 Billion

On average, minority-owned small businesses in California generate $28.7 billion in tax revenue every year. 


Asian-Owned Businesses in California

Total of 1.9 Million

Minority-Owned Businesses

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