NYC Celebrates Record-Breaking Progress for Minority- and Women-Owned Businesses

New York City has achieved significant milestones in its efforts to support minority- and women-owned business enterprises (M/WBEs). Mayor Eric Adams, alongside Chief Business Diversity Officer Michael J. Garner, MOCS Director Lisa Flores, and SBS Commissioner Dynishal Gross, announced record-breaking accomplishments for M/WBE contracting in Fiscal Year 2024 (FY24). The city awarded $6.4 billion in contracts to M/WBEs, marking a major step toward the administration’s goal of awarding $25 billion in M/WBE contracts by FY26 under the OneNYC initiative.

In FY24, the city achieved its highest-ever M/WBE utilization rate of 31.2%, a substantial increase driven by Local Law 1 (LL1), which governs the city’s M/WBE program. Total contract value under LL1 reached a record $1.59 billion, a 15% increase since FY22, the first fiscal year of the Adams administration. Additionally, the streamlined M/WBE Small Purchase method saw a 41% increase in contract value compared to the prior fiscal year, making it easier for certified M/WBEs to secure city contracts.

A New M/WBE Advisory Council

Mayor Adams also announced the creation of the M/WBE Advisory Council, aimed at sustaining and building on these achievements. Chaired by Chief Business Diversity Officer Michael Garner, the council will be co-chaired by former NYC Comptroller William Thompson and New York Building Congress Chairperson Emeritus Elizabeth Velez. Members include leaders from diverse industries, civil rights organizations, and business experts, who will work to advance equity in city contracting.

“This council will help us reach our ambitious goal of awarding $60 billion in M/WBE contracts by FY30,” said Mayor Adams. “This progress ensures that M/WBEs can thrive, support their families, and contribute to a stronger, fairer New York City.”

Unprecedented Achievements

Since the start of the Adams administration, the M/WBE program has made remarkable strides despite fiscal challenges. Key achievements in FY24 include:

– **Highest-Ever Utilization Rate**: 31.2%, the largest in program history.
– **Record Contract Value**: $1.59 billion in contracts awarded under LL1.
– **Expanded Small Purchase Method**: More than $250 million awarded, a 41% increase in contract value.
– **Equity in Contracting**: Over 60% of discretionary contract value awarded to businesses owned by Asian women and Black- and Hispanic-owned businesses.

These achievements reflect the administration’s commitment to addressing historic disparities in city contracting and creating pathways for economic equity.

Collaboration Across Agencies

The success of NYC’s M/WBE program stems from strong collaboration among city agencies, advocacy groups, and industry leaders. Officials highlighted the importance of maintaining fair procurement practices and responding to the needs of M/WBEs.

“We are proud to share unprecedented results, including a 31.2% utilization rate,” said MOCS Director Lisa Flores. “This was made possible through tireless advocacy and collaboration across agencies. The new M/WBE Advisory Council will continue this progress.”

Legislative Wins and Community Impact

The Adams administration successfully lobbied for a state law that increased the discretionary contract threshold under the Small Purchase method from $500,000 to $1.5 million. This change, supported by legislation sponsored by Senator James Sanders and Assemblymember Rodneyse Bichotte Hermelyn, has made it easier for M/WBEs to compete for contracts. These efforts have driven increased opportunities for historically underutilized business categories.

In addition, the administration launched a community hiring initiative, leveraging $1.2 billion in city contracts to create jobs for underserved New Yorkers, further solidifying the connection between equitable contracting and employment opportunities.

 Looking Ahead

As FY26 approaches, NYC continues to push toward its $25 billion goal for M/WBE contracts under the OneNYC initiative. With the launch of the M/WBE Advisory Council and continued legislative support, the city aims to empower minority- and women-owned businesses to lead economic growth and strengthen communities across all five boroughs.

Mayor Adams’ focus on economic equity is producing tangible results. “When we prioritize equity, we empower businesses to grow, create jobs, and strengthen communities,” said New York State Senator Leroy Comrie. The administration’s efforts promise to make NYC a leader in inclusive economic development for years to come.