$449 million invested with small, diverse businesses in 2020 contributes $854 million to Illinois GDP
NAPERVILLE, Ill. – Mar 31, 2022 – Nicor Gas spent $449 million with small and diverse businesses in 2020, according to the company’s Supplier Diversity Economic Impact Report. The economic impact of the company’s purchases from diverse businesses in 2020 contributed $854 million to the gross domestic product in Illinois.
These investments in women-, minority- and veteran-owned businesses supported job growth throughout the supply chain and paid a total of $165 million in employee wages and supported more than 2,804 jobs in 2020.
“At Nicor Gas, supplier diversity isn’t just a program or initiative, but is a strategic business imperative,” said John O. Hudson III, president and CEO of Nicor Gas. “We have intentionally built and developed relationships with diverse business partners that bring innovation, quality and overall competitive value to our company, our customers and our communities.”
Companies that utilize diverse suppliers help foster jobs and economic activity in underrepresented segments of communities. Inclusive procurement practices provide opportunities for minority-, women- and veteran-owned businesses, as well as members of the LGBTQ+ community by increasing representation and creating job and economic advancement opportunities.
Since 2015, Nicor Gas has helped diverse businesses through mentorship and networking opportunities to support their business growth through the Supplier Diversity Business Development Program. Despite the challenges many businesses faced during the pandemic, 14 diverse businesses participated in the program in 2020 and several secured contracts between 2019-2020 totaling $67.1 million.
Nicor Gas is a member of the Illinois Utilities Business Diversity Council (IUBDC), a consortium of the state’s largest utility providers dedicated to advancing the growth and utilization of diverse businesses in the state of Illinois.
According to a report from the Illinois Commerce Commission’s Office of Diversity and Community Affairs, diverse spending by the state’s largest investor-owned utilities – including Nicor Gas – has steadily grown from an average of 15% to over one-third of all procurement spending over the past six years.
Nicor Gas is committed to identifying and working with suppliers that operate in an ethical manner and add value to our business. To learn more about supplier diversity at Nicor Gas and read the 2020 Supplier Diversity Economic Impact Report, click here.