The Impact of Minority-Owned Development Firms
Michelle Taylor discusses how minority developers bring unique perspectives and commitment to creating equitable housing opportunities.
As President of a certified minority-owned development firm, I've witnessed firsthand how diverse ownership in real estate development creates better outcomes for communities. Today, I want to share why minority-owned developers matter and the unique value we bring to the industry.
Understanding the Landscape
Despite representing nearly 40% of the U.S. population, minorities own less than 10% of development firms. This disparity matters because developers make critical decisions about where to invest, what to build, and who to serve. More diverse ownership means more equitable development that serves all communities.
Unique Perspectives, Better Outcomes
Minority developers often bring perspectives shaped by lived experience in the communities we serve. This translates to:
- Better understanding of community needs and preferences
- Stronger relationships with residents and local organizations
- Commitment to quality in historically underserved areas
- Cultural competency in design and programming
- Authentic community engagement and trust
Breaking Barriers
The path for minority developers often includes additional challenges: limited access to capital, fewer established relationships with investors and lenders, and navigating implicit biases. Certification as a minority-owned business helps level the playing field by providing access to set-aside opportunities and signaling our capabilities to partners and investors.
Canterbury's Journey
Canterbury Development Group earned our minority certification early in our history, and it's been instrumental in our growth. But certification alone isn't enough—we've succeeded by delivering exceptional results, maintaining perfect compliance records, and building trust through consistent performance. Our minority status opens doors; our performance keeps them open.
Economic Impact
Minority-owned development firms contribute significantly to economic opportunity. We're more likely to hire minority contractors and consultants, creating multiplier effects in our communities. Our projects employ local workers, support local businesses, and generate tax revenue that funds community services.
Mentorship and Growth
As an established minority-owned firm, we take seriously our responsibility to mentor emerging minority developers. By sharing knowledge, making introductions, and demonstrating what's possible, we help build the next generation of diverse industry leaders.
The Path Forward
Real estate development needs more minority ownership. Increased diversity will lead to more equitable development patterns, better community outcomes, and stronger economic opportunity. For those considering this path, know that while challenges exist, the impact you can have on communities is profound and lasting.
At Canterbury Development Group, our minority ownership isn't just a certification—it's central to our identity and mission. It drives our commitment to excellence, shapes our development approach, and motivates us to create opportunities for others.