Adams Administration Sets Record for Supporting Minority-and-Women Owned Businesses

On Friday, November 15th, Mayor Eric Adams celebrated a record-breaking $6.4 billion in contracts awarded to Minority-and-Women Owned Business Enterprises (MWBEs) during fiscal year 2024. The city’s MWBE utilization rate reached 31.2%, the highest in the program’s history. “When we prioritize equity, we empower communities,” Adams said, underscoring his administration’s commitment to addressing economic disparities.

The city launched the MWBE Advisory Council to build on this success. Co-chaired by Michael Garner, Chief Business Diversity Officer, the council includes industry leaders and advocates. Garner highlighted the progress achieved under Adams’ leadership, stating, “This milestone reflects tireless efforts to center MWBEs in city procurement processes, creating real opportunities for historically marginalized communities.”

First Deputy Mayor Maria Torres-Springer emphasized the administration’s focus on economic inclusion. “This achievement marks significant progress toward our $25 billion goal for MWBE contracts by fiscal year 2026,” Torres-Springer said. The streamlined MWBE Small Purchase method played a pivotal role, allowing agencies to award over $250 million in contracts to MWBEs.

The MWBE initiative also saw legislative victories, such as raising the discretionary contract threshold to $1.5 million, tripling the previous limit. This change enabled businesses owned by Black, Hispanic, and Asian women to secure over 60% of these contracts. Garner stressed the broader impact: “This progress drives employment and homeownership opportunities for countless New Yorkers.”

Mayor Adams highlighted the broader vision: “This isn’t just about contracts; it’s about building a fairer city where MWBEs can grow and thrive.” The administration has significantly reduced unemployment among Black and Latino residents since its inception, signaling progress toward a more equitable economy.

The city’s MWBE efforts are hailed as a model for promoting economic equity. The new Advisory Council will further enhance support and opportunities, ensuring MWBEs remain integral to New York City’s economic growth.