Governor Kathy Hochul announced that New York State has exceeded its Minority- and Women-Owned Business Enterprises (M/WBE) utilization goals for the fourth consecutive year, achieving a 32.21% utilization rate in fiscal year 2023-24. 

This marks a historic $2.97 billion in state contracts awarded to certified M/WBEs during the year, with nearly $12 billion awarded since Governor Hochul took office. The announcement was made during the 14th Annual NYS MWBE Forum in Albany.

A key highlight was the unveiling of a new M/WBE Certified Decal, designed to increase visibility and recognition for certified businesses. This digital and physical badge, available by January 2025, aims to position MWBEs advantageously for government and private sector contracts emphasizing diversity. Governor Hochul emphasized the program’s role in building an inclusive economic framework for New York.

Progress was bolstered by substantial improvements in certification processes, cutting wait times by 87% over the last three years. In 2023-24, the state certified or recertified 2,100 MWBEs, as noted in the FY 2023-24 Annual Report?.

The state also addressed systemic barriers revealed in the Empire State Development’s 2024 Disparity Study. It identified persistent gaps in private-sector utilization of M/WBEs, reinforcing the need for ongoing public-sector support.

The forum, themed “Solidifying our Future,” brought together diverse stakeholders, offering networking opportunities and workshops on capital access and growth strategies. 

These efforts align with Governor Hochul’s broader agenda to foster a dynamic, equitable business environment.