A new report from the National Gay & Lesbian Chamber of Commerce (NGLCC) reveals that LGBT-run businesses generate more profits, and stay in business longer, than their straight-run counterparts.
“America’s LGBT Economy,” the first study of its kind, suggests the estimated 1.4 million LGBT business owners add $1.7 trillion to the U.S. economy, a proportionally larger slice of the pie than their numbers would suggest.
Additionally, the NGLCC says the average gay-owned company has been in business 12 years, far above the national average. (Nearly on-half of American businesses fail in their first five years.)
Businesses certified by the NGLCC alone generated more than $1.15 billion in 2015, and created more than 33,000 jobs in the U.S. (Let’s see Trump match those numbers.)
“America’s LGBT business owners are driving our economy upward and deserve every opportunity to keep creating jobs and innovating our industries, said NGLCC president Justin Nelson.
Co-founder Chance Mitchell added that the report bears out the group’s philosophy that “economic visibility, just like social visibility, is essential in building a diverse and inclusive society.
It’s estimated the LGBT community has a spending power of roughly $917 billion. “We are just beginning to scratch the surface of our potential,” said Bob Witeck, President of Witeck Communications, who worked on the report.