New York State Governor Kathy Hochul's Office has announced that the State has surpassed its goal of 30 percent utilization of minority- and women-owned businesses (MWBEs) for the fiscal year of 2024. The state awarded over $3 billion in contract dollars during the period, for a utilization rate of 32.21 percent. This is the fourth consecutive fiscal year during which the State has managed to surpass the goal.
The figure was contained in the Annual Report for fiscal year 2024 from the New York State Division of Minority and Women's Business Development (DMWBD). The report also mentioned that DMWBD has reduced the average wait time for an MWBE certification application to 65 days, representing a 87 percent reduction in wait time over the past three years, and following the elimination of a backlog of MWBE certification applications in the prior year.
The Governor's Office announced, alongside the MWBE participation figure and the fiscal report, a new "MWBE certified" decal which certified MWBEs are eligible to receive, which can be displayed as a means of driving visibility.
"Since becoming Governor, my administration has championed an economic agenda that benefits all New Yorkers," said Governor Hochul in a statement.
Read the press release from the Governor's Office at https://www.governor.ny.gov/news/governor-hochul-announces-new-york-state-exceeds-30-minority-and-women-owned-business.
Find the full report from the DMWBD at https://www.governor.ny.gov/sites/default/files/2024-11/FY2324-DMWBD-Annual-Report-2023-2024.pdf.
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