The company’s $2.4 billion in purchases of goods and services from minority and small businesses contributed more than $3.5 billion to the economy
Southern California Edison recorded 37.66% of its corporate purchases, or $2.4 billion in spending, with more than 600 small and diverse businesses in 2020. The company’s contracting with these companies had an economic impact of more than $3.5 billion and sustained more than 23,000 jobs. This is according to SCE’s 2020 Supplier Diversity Economic Impact Report, prepared by data consultancy supplier.io, which helps companies evaluate the real-world effects of their spending in their communities and beyond.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211008005579/en/
Southern California Edison spent $2.4 billion with minority and small- business suppliers, resulting in a $3.5 billion impact on the economy and supporting more than 23,000 jobs. (Graphic: Southern California Edison)
Importantly, SCE provides technical assistance and guidance that help minority-, women-, disabled veteran- and LGBT-owned businesses develop capabilities that will let them meet the company’s specific demands.
“After partnering with small and diverse firms for more than four decades, we’ve known that our Supplier Diversity Program brings economic benefits to not only our 600-plus suppliers, but also the regional economies where they do business,” said Kevin Payne, SCE president and CEO. “We’ve heard over the years countless stories from diverse suppliers about the positive effects our supplier diversity and technical assistance programs have on them.”
The report states that SCE’s $3.5 billion economic impact — pertaining only to its spending with diverse suppliers — is the sum of three effects: direct purchases by SCE from its small, minority, women, disabled veteran and LGBT suppliers; indirect activities within these companies’ supply chains; and the induced effects that result as employees of these companies, and those of companies within their supply chains, spend their wages in the wider consumer economy.
For more information, including details of the report’s methodology, see the Supplier Diversity Economic Impact Report.
About Southern California Edison
An Edison International (NYSE: EIX) company, Southern California Edison is one of the nation’s largest electric utilities, serving a population of approximately 15 million via 5 million customer accounts in a 50,000-square-mile service area within Central, Coastal and Southern California.