Restler asks about average MWBE contract size disparity

So I just want to kind of continue to harp on the issue of the value of MWBE contracts relative to non-MWBE contracts.

So the data we looked at from FY25 was that the average MWBE contract was about $750,000.

The average non-MW white male-owned firm, I should just say it that way, right?

The average contract for a white male-owned firm was $3.65 million.

Could you explain what you think accounts for this disparity?

I mean, that's more than four times differential, average of a white male-owned firm versus a non-white male-owned firm.

Why do you think we have such an extreme disparity there?

Right.

So, I mean, it is not unique to only the city of New York.

I can tell you at the state.

Agreed.

75% of MWB contract awards are awarded at the sub-level as opposed to the prime level.

When you factor in the lack of access to capital, when you factor in the lack of access to surety bonding, when you factor the lack of the right size contracting for MWBE firms, you will always see that.

But we are working internally, certainly with...

with our partners at SBS, access to capital programs, the bundling of contracts at the agencies, designing smaller packages,

and having the ability to go out and recruit MWBEs and put them in the contracting critical path that they can bid as primes.

Because when in a contract as a prime, as you know, you are in control of your own destiny.

And so we are very focused on creating opportunities for our MWBE firms at the prime level.

Working as a subcontractor, hey, listen, it's a good business for some, but let's not fool ourselves.

We need to do a more effective job of creating prime opportunities for our MWBE firms.