For the third straight year, small businesses had a record year doing work for the N.C. Department of Transportation.
NCDOT awarded about $65.4 million to small business enterprises (SBEs) through contracts under $1 million in fiscal year 2024 (ending June 30), marking a 35% increase over the previous record of about $48.4 million in fiscal year 2023 and more than double the target of $28 million.
This is the result of ongoing efforts of NCDOT’s Division of Highways and Office of Civil Rights to help introduce small firms to the process of contracting with NCDOT, starting with lower-risk opportunities.
“These numbers are a true reflection of the department’s emphasis to utilize more small businesses in our projects,” said NCDOT Chief Engineer Lamar Sylvester in a press release. “It’s a win-win for us. This initiative helps the small businesses position themselves as prequalified subcontractors and prime contractors, which helps NCDOT deliver its highway construction and maintenance programs.”
The $65.4 million awarded to small businesses made up a quarter of all contracts under $1 million that were awarded in fiscal year 2024, which was also the first year all 14 Highway Divisions surpassed their traditional targets of having at least $2 million worth of contracts awarded to such firms.
The 2024 SBE award total also represents a 300% increase over the $16.3 million awarded in fiscal year 2021. The record streak began in 2022, with about $30.7 million awarded in SBE contracts.
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