The McKinsey Institute for Black Economic Mobility and the McKinsey Global Institute recently released a study called “The economic state of Black America: What is and what could be.” One of the main insights of the study was a $1.6 trillion revenue gap for Black owned businesses.
On the most recent episode of Race at Work, Porter Braswell spoke to Shelley Stewart who worked on the economic mobility report.
“We’ve got to keep amplifying these messages because it’s not just about outcomes for black Americans. This is about America and building a more inclusive, resilient, robust, cohesive economy and society.”
Stewart draws attention to some of the report’s highlights. For instance, there is a $220 billion wage gap among white and minority workers. This can be explained by underrepresentation as well as lower pay within occupations.
The study also found that Black consumers spend $835 billion a year. Clearly, companies who can tap into diverse markets will be more successful in the years to come. Reach out to ideascape to ensure that your business is on the right track and to receive support in your D&I initiatives.
