Mayor Harrell Announces Seattle as Host City for NMSDC's 2024 Minority Business Economic Forum
Photos - City of Seattle
By Lorcan Stokes
On Tuesday, January 13, Mayor Bruce Harrell, in collaboration with the National Minority Supplier Development Council (NMSDC) leadership, unveiled a new alliance to bring the NMSDC's Minority Business Economic Forum to Seattle from May 14 to 16, 2024. This event aims to assemble 500 U.S. policymakers, business figures, academics, and community leaders to dismantle obstacles hindering Minority Business Enterprises (MBEs) from wholly participating in the U.S. economy. Harrell emphasized Seattle's suitability as the forum's host.
"We are first and foremost a port city, a trade city. We have industry manufacturing [and] our industries are well known and widely respected," Harrell said. "We're also a city of technology and innovation. We are thought leaders here. And we're very outspoken, at least I am, about race and social justice, economic inequality, looking at who slips between the cracks."
The NMSDC, which is focused on business growth within Asian, Black, Hispanic, and Native American communities, made its announcement at Jimale Technical Services (JTS), a construction management company owned by CEO Tanya Jimale that is also MBE certified under the NMSDC.
"The Council and the city of Seattle have both helped JTS blossom and grow and foster business relationships right here in the Seattle area," Jimale said. "I appreciate both organizations to have the vision and, more importantly, the passion to help grow diverse businesses such as mine."
According to the NMSDC yearly Minority Businesses Economic Impact Report in 2022, their MBEs make up $316.2 billion in total annual revenue and $136.4 billion in total wages in the U.S. economy. Additionally, the group supported 1.8 million U.S. jobs. Harrell underscored these growing numbers as the rationale driving the partnership between the MSNC and the city.
"The why is very simple. This will make us compete in the global economy, and Seattle is best positioned to excel in this. That's why we're so fortunate to be chosen," Harrell said.
Speaking alongside Harrell and Jimale were the CEO and President of NMSDC, Ying McGuire, and Huda Al-Musawi, the Manager of Operations at Northwest Mountain MSDC, an affiliate of the NMSDC. McGuire explained the creation of the yearly forum, which launched in 2022.
"As NMSDC celebrated our 50th anniversary two years ago, we ambitiously aimed to elevate MBEs revenue to 1 trillion, a first milestone towards achieving economic equity for minority-owned businesses," McGuire said. "To further that 1 trillion goal, we launched the minority business Economic Forum in 2022, drawing inspiration from the World Economic Forum in Davos."
McGuire illustrated that the primary objective of the NMSDC and it’s reasoning behind the 1 trillion goal.
"NMSDC have generated $498 billion economic output. That's 316 billion dollars [in] annual revenue by NMSDC-certified MBEs. That is $970 per U.S. resident," McGuire said. "The number seemed very impressive, but if you think about it, $316 Billion is only 1.2% of our GDP when the population we represent is 40% of the population, and it's going to become the new majority [in] America. So, therefore, there's a lot of work for us to do."
Al-Musawi concluded the announcement by emphasizing the support the NMSDC offers MBEs and highlighting the significant economic contributions of MBEs in the Northwest region.
"The economic impact of MBEs in Seattle, King County, and the State of Washington cannot be overstated. The NMSDC supports 41 MBEs in Seattle alone, generating over 1.2 billion in annual revenues with a median of 1.4 million. These businesses collectively employ over 2000 individuals, near half of whom are from minority backgrounds."
This partnership is another element of Harrell's commitment to supporting BIPOC businesses. As part of the mayor's strategy for revitalizing downtown Seattle, the city collaborates with partners like Tabor 100, the University of Washington, and Seattle University to create an initiative dedicated to empowering local BIPOC businesses by supporting business ventures and fostering revenue growth.
