sponsored content
Sponsored Content

PANYNJ is Open for Business

On Sep 19, 2018

Disclaimer: Sponsored content articles do not reflect the opinions of New Jersey Business magazine or the New Jersey Business & Industry Association.

Agency Increases Goals for Contracting with Certified Minority, Women-owned and Small Business Enterprises

Over the last five years, the Port Authority of New York and New Jersey has awarded approximately $1.8 billion in contracts to certified minority, women-owned, and small business enterprises (MWSBE), representing over 17 percent participation. In 2018, the agency upped its commitment to a 30 percent MWBE participation goal, signaling to these businesses that the Port Authority is open for and eager to do business with them.

MWBEs play a major role in the operations of the Port Authority, which satisfies most of its purchasing needs through competitive bidding procedures, and delivering the agency’s 10-year $32.2 billion capital plan. Through existing policy, the agency and its contractors are required to make a good faith effort to partner with MWSBEs. The revised policy sets a goal of 20 percent participation  for MBEs and 10 percent participation for WBEs.  Previous guidelines were 12 percent for MBEs and 5 percent for WBEs.

The action comes on the heels of a disparity study that found minority and women-owned businesses were underutilized in Port Authority contracts for construction, professional services and the procurement of goods and other services. It reestablishes and extends the agency’s long-held commitment to fair representation in its procurement and contracting activities.

In addition to increasing agency-wide participating goals, the policy gives the Executive Director the authority to designate and award construction and non-construction contracts with small businesses from the current authority of up to $1 million to $2.5 million or less, based on a competitive process.

The region’s eligible MWSBEs are encouraged to certify as a MWSBE with the Port Authority and by doing so join one of the nation’s most important transportation and economic development networks. Learn more at panynjSD.com.

Disclaimer: Sponsored content articles do not reflect the opinions of New Jersey Business magazine or the New Jersey Business & Industry Association.