THE PORT AUTHORITY OF NY & NJ

Press Release Article


10.5-PERCENT INCREASE IN CONTRACTS AWARDED TO MINORITY/WOMEN-OWNED AND SMALL BUSINESSES

Date: May 29, 2003
Press Release Number: 75-2003

New Record Set for Contracts at $314 Million in 2002


The Port Authority increased contract awards to minority-owned, women-owned and small businesses by more than 10 percent from 2001 to 2002.

As reported today to the Port Authority’s Board of Commissioners, contracts awarded to minority/women-owned and small businesses in 2002 totaled nearly $314 million, a new record level. The total awarded in 2002 is up from the 2001 total of nearly $284 million. Awards were up in nearly every category, including a 73-percent jump in architectural and engineering contracts in the minority/women-owned sector and an overall 38-percent increase in construction subcontracting.

In 2002, Raebeck Construction Corp. was awarded a $21 million contract, which is the largest Port Authority contract awarded to a minority-owned business.

The total Port Authority contract awards resulted in the creation of 4,280 jobs, $182 million in wages and $485 million in economic activity in the region.

New York Governor George E. Pataki said, \"This announcement demonstrates that the Port Authority is helping to deliver one of the top priorities of my administration: economic development and jobs for all.\"

New Jersey Governor James E. McGreevey said, \"Minority-owned, women-owned and small businesses are crucial elements within the regional economy, and I am pleased that the Port Authority is aggressively working to expand opportunities for these businesses.\"

Port Authority Chairman Anthony R. Coscia said, \"The true impact of these contracts is measured in the differences made in people’s lives. While we have made progress in this sector, we need to work even harder during this difficult economic period to ensure that we are doing everything we can to provide minority-owned, women-owned and small businesses with every opportunity to be successful.\"

Port Authority Executive Director Joseph J. Seymour said, \"Our Business and Job Opportunity staff has worked to provide opportunities for minority-owned, women-owned and small businesses for more than 20 years. This is another example of our commitment to helping these firms to prosper and grow.\"

Highlights for 2002 include:

• Subcontracting awards to minority/women-owned and small businesses were up more than 38 percent over 2001, to $122 million.

• Aviation tenant spending with minority/women-owned and small businesses generated an additional 1,480 jobs, $63 million in wages and $169 million in regional economic activity.

• Architectural and Engineering contracts to minority/women-owned businesses were up more than 73 percent over 2001, to $29 million.

• Goods and services awards to small businesses increased more than 8 percent over 2001, to $33 million.

• Prime construction contracts awarded to minority/women-owned businesses were up more than 46 percent, to $80 million.

The Port Authority’s staff of Business and Job Opportunity provides information on contracting opportunities, financial and technical assistance, business and labor development programs, seminars, workshops and referral services.

The bistate agency also works closely with community-based strategic partners, including the New York State Association of Minority Contractors, the Greater Newark Development Corporation, and the New Jersey and New York Hispanic Chambers of Commerce.

The Port Authority’s Business and Job Opportunity Program was created more than 25 years ago to help advance regional economic development by increasing the participation of minority-owned, women-owned and small businesses in
Port Authority contracts.

The Port Authority of New York and New Jersey operates some of the busiest and most important transportation links in the region. They include John F. Kennedy International, Newark Liberty International, LaGuardia and Teterboro airports; the George Washington Bridge; the Lincoln and Holland tunnels; the three bridges between Staten Island and New Jersey; the PATH rapid-transit system; the Downtown Manhattan Heliport; Port Newark; the Elizabeth-Port Authority Marine Terminal; the Howland Hook Marine Terminal on Staten Island; the Brooklyn Piers/Red Hook Container Terminal; and the Port Authority Bus Terminal in midtown Manhattan. The agency also owns the 16-acre World Trade Center site in Lower Manhattan. The Port Authority is financially self-supporting and receives no tax revenue from either state.