For the first time in 20 years, the New Jersey Department of the Treasury conducted a disparity study measuring current spend data in order to recognize and create new opportunities for Minority-, Women-, and Veteran-Owned Businesses in New Jersey.

The administration of Governor Phil Murphy (D) has committed to increase opportunities for Minority, Women and Veteran-Owned Businesses. The diversity study marks just the first step in this process.

The goal is to analyze contracts and bid solicitations in order to structure and conduct a well-rounded disparity study of the contract awards in construction, goods and services. 

“This is a critical time as the Covid-19 cisis has laid bare the structural disparities that have persisted in this country and state with the greatest impact on Black and Latinx communities,” said Chief Diversity Officer Hester Agudosi. “I’m honored to work on this latest effort to advance equity in the State’s procurement process.”

“Entrepreneurship is an essential driver of societal health and wealth, and a formidable engine of economic growth,” he continued. “The findings and recommendations brought forth from the study will enable the state to address any disparities that may exist in public contracting and level the playing field for diverse business owners and entrepreneurs.” 

In addition to the disparity study, Treasurer Muoio will be hiring a New Jersey resident for a newly created position of Diversity Portfolio Manager within the Division of Investment (DOI).

The newly proposed regulations were officially published in the New Jersey Register on December 21st. The outlook is expected to be great and after much planning and execution, MWBEs among other kinds of disadvantaged small businesses will benefit and increase contracts with the State of New Jersey. 

Read more from the NJ Department of Treasury press release.