The State of Diverse Businesses in California
Economic, Social, and Fiscal Impact Analysis
June 2023 Report
California Office of the Small Business Advocate
Beacon Economics
First published June 2023
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.
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