New York Sends $15B to Minority-Owned Businesses Since 2020

New York just proved that growing the economy for everyone isn't just the right thing to do. It's actually working.

Over the past five years, the Empire State has disbursed nearly $15 billion in contracts to minority and women-owned businesses. In fiscal year 2024-25 alone, certified firms received a record $3.3 billion in state contracts.

The transformation started in 2011, when only 10% of state contracting dollars went to minority and women-owned businesses. Today, that number has tripled to 30%, a goal the state has exceeded for five straight years.

The success came from straightforward reforms: fixing the certification process, holding agencies accountable, and publishing transparent data. Nearly 9,700 certified minority and women-owned businesses are now in the state's directory, triple the number from a decade ago.

The program has become so successful that the legislature extended it through 2028. It now serves as the largest proof point in the country that inclusive contracting can be built, defended, and scaled over time.

The Ripple Effect

When women and people of color gain access to major contracts, the benefits multiply across entire communities. Business owners hire more workers, reinvest in their neighborhoods, and build generational wealth that gets passed down to their children.

The New York model shows what's possible when states commit to measuring results and holding themselves accountable. Other states are watching closely as the program continues to grow.

Nearly 10,000 families now run businesses that are part of New York's economic future.