Subsidized city and state projects present unique opportunity for New York M/WBE subcontractors | Dump Trucks Charlotte NC

New York is facing a housing shortage, and more than ever before, is in critical need of more housing options. Public and private entities have taken steps to not only make the development and construction of these much-needed housing projects possible, but also to ensure that the jobs they bring to communities are distributed in a way that reflects the vibrant diversity of the neighborhoods in which they are built. 

New York State and New York City have set forth bold efforts to increase contracting opportunities for certified Minority/Women-Owned Business Enterprises (M/WBEs) in the development of subsidized affordable housing projects. With more than $43 billion of construction contracts awarded in 2022 by the City of New York alone, there are ample business opportunities to be had.

New York has always been one of the world’s most diverse cities. That reality is as true today as it ever was. NYC’s population now hovers around 8.5 million, with approximately 37 percent of residents foreign born, with African American, Hispanic and Latino, and Asian people making up over 67 percent of the population.

Despite the high diversity of New York citizens, a recent Comptroller report revealed that in 2022, M/WBEs represented only 9.4 percent of the City’s total eligible construction contract value, while Black, Hispanic American, Asian American, and Native American M/WBEs each representedless than 2 percent of the total value.