Arizona public power utility Salt River Project has released its first-ever Supplier Diversity Economic Impact Report, which highlights “substantial economic impacts in Arizona including $243.3 million in spending with diverse suppliers that bolstered local economies and supported thousands of jobs,” it said on Aug. 20.
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,” it said.
Highlights from the report include:
- 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.
