ICIC Unveils Pivotal Report on Racial Equity in America's Manufacturing Sector
2024年5月22日 - 2:54AM
The Initiative for a Competitive Inner City (ICIC) is proud to
announce the release of its latest report, "Racial Equity in
America's New Industrial Transformation." Funded by ICIC’s Michael
E. Porter Research Fund, this groundbreaking research dissects the
impacts of the Infrastructure Investment and Jobs Act, CHIPS and
Science Act, and Inflation Reduction Act on Black- and
Hispanic-owned manufacturers. This legislation, passed in 2021 and
2022, authorizes nearly $1.5 trillion in federal investments to
rebuild the nation’s infrastructure, encourage domestic
semiconductor manufacturing, and promote the use of clean vehicles
and renewable energy, while fostering a more equitable economic
landscape.
The report uncovers a deeply concerning reality: Black-owned and
Hispanic-owned manufacturers account for only 0.5% and 0.8%,
respectively, of all manufacturers across 13 critical supply chains
supported by the three pieces of legislation. By mapping the
current landscape and proposing actionable strategies, this study
aims to significantly influence America's industrial renewal to
ensure equitable benefits.
The report presents recommendations in six key focus areas:
- Increasing capital
access for Black- and Hispanic-owned businesses to stimulate growth
and innovation.
- Improving the
flexibility and competitiveness of minority-owned suppliers with
technical assistance and training.
- Identifying and
removing barriers in the advanced manufacturing STEM education
pipeline, crucial for nurturing startup companies.
- Reforming the
procurement practices of large purchasers to increase opportunities
for Black- and Hispanic-owned companies in manufacturing.
- Collecting and
disseminating data about supply chains in advanced
manufacturing.
- Taking advantage of
opportunities Black- and Hispanic-owned manufacturers may have
to operate at lower tiers of their supply chains and hire residents
of under-resourced communities.
Steve Grossman, CEO of ICIC, stated: "We stand at a critical
juncture in our nation's history, with a unique opportunity to
reshape the industrial landscape to be as diverse as the country it
serves. The findings in this report lay the groundwork for
meaningful change, ensuring that growth and innovation in American
manufacturing are powered by a new generation of business owners
that is as inclusive as it is entrepreneurial. As we implement
these recommendations, we commit to transforming the promise of
racial equity into tangible economic progress for Black- and
Hispanic-owned businesses across the nation."
A Call to Action: Join the Movement for Equitable
Industrial Renewal
ICIC calls upon industry leaders, policymakers, and stakeholders
to embrace the recommendations laid out in this report and join the
movement toward a more equitable manufacturing sector. This
initiative not only addresses racial disparities but also unlocks
potential for economic prosperity that is inclusive and
sustainable.
For further information, to access the full report, or to
participate in upcoming discussions and initiatives based on these
findings, please visit
https://icic.org/research/industry-clusters/racial-equity-in-americas-new-industrial-transformation.
About ICIC:Initiative for a Competitive Inner City (ICIC)
is the widely recognized authority on accelerating small business
growth in under-resourced communities. Founded by renowned Harvard
Business School professor Michael Porter 30 years ago as a research
and strategy organization, today ICIC drives inclusive economic
prosperity in under-resourced communities through innovative
research and programs to create jobs, income, and wealth for local
residents.
About the Michael E. Porter Research FundIn 2023, ICIC
created the Michael E. Porter Research Fund to honor its founder
and strengthen the foundation of financial support sustaining,
informing, and transforming ICIC to create more competitive and
inclusive communities. The fund supports the organization’s ability
to pursue trailblazing research projects, create new and effective
programming, and continue expanding our efforts to drive equitable
economic prosperity and close the racial wealth gap.
Sarah Ginand
ICIC
+1 617.238.3026
sginand@icic.org