Salt River Project (SRP) has released its first-ever Supplier Diversity Economic Impact Report, highlighting substantial economic impacts in Arizona including $243.3 million in spending with diverse suppliers that bolstered local economies and supported thousands of jobs.
The report underscores the utility’s robust economic contributions and dedication to fostering diverse partnerships in 2023. As a community-focused, not-for-profit public power utility, SRP’s efforts not only enhance service quality but also bolster local and national economic development.
“Our dedication to diversity is more than just policy, it’s a foundational business strategy that brings unique perspectives and solutions to the forefront,” said Erika Castro, manager of supplier diversity and supplier management at SRP. “This report not only reflects SRP’s commitment to economic inclusion but also highlights the broader social and economic benefits of supporting small and diverse businesses.”
Key Highlights from the 2023 Supplier Diversity Economic Impact Report:
Economic Empowerment: In fiscal year 2023, SRP’s diverse spending totaled $243.3 million, representing 18% of total managed spend. This investment supported over 700 small and diverse suppliers and created $20 million in second-tier spending, reinforcing SRP’s role in stimulating local and national economic growth.
Job Creation: SRP’s diverse supplier spending resulted in a total economic output of approximately $448.8 million, creating 2,338 jobs and supporting incomes totaling $152.2 million .
Tax Contributions: Through its strategic and inclusive procurement practices, SRP facilitated the generation of $46.6 million in federal, state, and local taxes, benefiting public services and infrastructure development.
Community Engagement: SRP’s Supplier Diversity team participated in 86 events to foster diverse supplier procurement and grow its supplier networks. This work earned SRP four major awards and many more nominations for its commitment to diversity and economic empowerment.
Small and diverse companies, including disabled-, minority-, women-, veteran- and disadvantaged-owned businesses, play a vital role in strengthening Arizona’s economy. SRP’s supply chain strategy prioritizes a diverse supplier base that reflects Arizona’s communities.
“For nearly three decades, SRP’s commitment to supplier diversity has mirrored our dedication to a fair and respectful representation of our community,” added Castro. “Small and diverse businesses are vital to our collective success and help our communities to thrive.”
Small and diverse businesses interested in doing business with SRP can register on SRP’s Supplier Diversity page.
