Truist Releases 2022 Supplier Diversity Economic Impact Report
Increased engagement with small and diverse businesses supports communities across the U.S.
July 24, 2023 /3BL/ -Truist has released its 2022 Supplier Diversity Economic Impact Report which measures the economic benefits of Truist’s purchases from small and diverse businesses in 2022. The third annual report finds that Truist’s spend with small and diverse suppliers increased 38 percent compared to 2021.
The 2022 report estimates that Truist’s engagement with small, disabled, LGBTQ+, minority, veteran and women-owned businesses led to more than $1.7 billion in contributions1 to the US economy and sustained nearly 12,000 jobs. The total contributions include approximately $870 million in spending with small and diverse vendors which helped support $675 million in wages.
“The diversity of our suppliers reflects our teammates and the communities Truist serves each day,” said Brian Downer, Chief Procurement Officer at Truist. “By intentionally establishing a diverse pool of suppliers we not only support small and diverse-owned businesses, we directly and indirectly invest in neighborhoods across the markets we serve and demonstrate our purpose to inspire and build better lives and communities.”
More information about Truist’s supplier program and the 2022 Supplier Diversity Economic Impact Report is available.
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1 The 2022 Supplier Diversity Economic Impact Report is based on an analysis of data provided by Truist using IMPLAN’s Input-output multipliers, and supplier.io’s Economic Impact Model. The impact is the of sum of 3 activities: (i) direct purchases by Truist from its small, minority, women, and veteran suppliers; (ii) indirect activities within these companies’ supply chains; and (iii) the induced benefits that result as employees of these companies, and those of companies within their supply chains, spend their wages in the wider consumer economy. See full report for more details.
